Developer Chetrit Group led by Joe Chetrit has secured a $185 million loan for the renovation of the Hotel Carter Times Square located at 250 West 43rd Street in New York City. The loan to renovate the 570 guest room hotel was provided by Mack Real Estate Credit Strategies. The financing will replace a $152 million bridge loan from JP Morgan in 2018. Surya Capital Partners’ Adi Chugh arranged the financing for Chetrit. The Hotel Carter was built in 1930 and was known as New York’s dirtiest hotel by TripAdvisor. Chetrit Group plans a complete renovation of the property returning the hotel to its former glory.
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