Meridian Capital Group arranged $58.6 million in acquisition financing for a multifamily property located in New York, NY on behalf of San Francisco, CA-based Carmel Partners.
The $58.6 million seven-year mortgage, provided by a regional balance sheet lender, features an interest-only component and a floating-rate that was swapped to a fixed-rate for a portion of the term.
The transaction was negotiated by Meridian executive vice president Aaron Birnbaum, and managing director Seth K. Grossman, who are based in the company’s New York City headquarters and Carlsbad, CA office, respectively.
The property, located at 15 Cliff Street in Manhattan’s Financial District, contains 156 apartments along with ground floor retail space.
“The complexities of this transaction were multifaceted as the apartments and retail portions of the building were held in separate condominium interests and Carmel Partners’ business plan includes a significant renovation program to augment income,” said Grossman.
“Closing this financing is a reflection of the lender’s creativity and flexibility for loans to market-leading sponsorship.”