At a glance
- Commercial Observer first reported the financing.
- The new loan follows an $88 million CMBS mortgage on the property, securitized in the CD 2017-CD3 conduit deal, that hit special servicing in December 2025.
- For lenders and investors marking Manhattan office debt, the $55 million loan works out to about $270 a square foot across 204,034 square feet, against roughly $430 for the $88 million CMBS mortgage.
Juda Chetrit's Chetrit Organization secured a $55 million loan from Maxim Capital Group to recapitalize 1384 Broadway, a 204,034-square-foot Midtown Manhattan office tower that is 80% occupied. Commercial Observer first reported the financing. Pricing and term on the new loan were not disclosed.
The new loan follows an $88 million CMBS mortgage on the property, securitized in the CD 2017-CD3 conduit deal, that hit special servicing in December 2025. That loan stayed current while the borrower worked toward a discounted payoff before the end of 2026, according to David Putro, head of commercial real estate analytics at Morningstar Credit Analytics. The payoff has since been completed.
For lenders and investors marking Manhattan office debt, the $55 million loan works out to about $270 a square foot across 204,034 square feet, against roughly $430 for the $88 million CMBS mortgage. A discounted payoff followed by a smaller first mortgage can reset the property's debt basis without a sale.
The new loan includes capital for lobby renovations, upgraded amenities and lease-up, according to the report. Iron Hound Management negotiated the recapitalization. At 80% occupancy, roughly 41,000 square feet of the 204,034-square-foot building remain available.
Reported by the Real estate debt desk from Commercial Observer. Published . Corrections