Real Estate Weekly
Image default
Debt & Equity

$59M loan for FiDi buy

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.

15 Cliff Street
15 Cliff Street
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.”

(Visited 1 times, 1 visits today)

Related posts

Slate funds $48M construction loan for New Rochelle development

REW

Square Mile loans $47M for Syracuse student housing acquisition

REW

Fairstead investors pump $500M into next growth spurt

REW