Joe Chetrit is facing significant challenges with his planned 1,300-unit apartment project in Two Bridges, as his firm defaulted on an $8 million mezzanine loan used to acquire the development site at 265-275 Cherry Street. Chetrit purchased the site for $78 million in 2022, financing it with a $63 million first mortgage and the mezzanine loan, both from Madison Realty Capital, which has now initiated a UCC foreclosure.
265-275 Cherry Street
