December 10, 2020
Bridge lender G4 Capital Partners arranged a $232.5-million senior loan to recapitalize the Gramercy Square residential condominium project being developed by Joseph Chetrit and David Bistricer’s Clipper Equity. The four-building, 223-unit project at 230 E. 20th St. is a conversion of the former Cabrini Medical Center.
A Cole Schotz team advised G4 Capital. The Cole Schotz team included members Leo Leyva, Rab Nalavala and Danielle Pasquariello, and associates Jennifer Chung, Drew Barone and Nicole Dlugosz. The G4 Capital team included co-founders Robyn Sorid and Jason Behfarin, along with managing director Robert Palumbo.
Chetrit and Bistricer acquired the site in 2013, paying $150 million. The New York State Attorney General’s office declared the condo offering plan effective in 2018.
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