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Debt & Equity

BLDG scores $65M loan for UES luxury residential tower

Meridian Capital Group arranged $65 million in financing for the refinance of The Blake luxury multifamily property located on the Upper East Side of Manhattan, on behalf of BLDG Management.

Photo by Tracy O/Flickr
Photo by Tracy O/Flickr

The 10-year loan, provided by a national life insurance company, features a fixed rate of 4.24% and seven years of interest-only payments.

This transaction was negotiated by Meridian Managing Director Carol Shelby, who is based in the company’s New York City headquarters.

The Blake, located at 220 East 63rd Street, is a 14-story, 181-unit luxury rental apartment building. Each one-, two-, and three-bedroom apartment features spacious rooms with a modern design and luxurious finishes, including custom-designed gourmet kitchens with stainless steel appliances and contemporary bathrooms. Building and neighborhood amenities include a 24-hour doorman, valet services, a lounge, a fitness center, on-site parking, and a subway station a block away.

Set in one of New York’s premier neighborhoods, the property is in walking distance to Central Park, Lenox Hill Hospital, as well as New York’s most sought-after retail and culinary destinations along Park Avenue, Madison Avenue, Fifth Avenue and Third Avenue.

“Located in a primarily residential and retail area, The Blake is an outstanding property that offers a variety of luxury amenities and is highly desirable to
home seekers of all ages,” said Shelby.

“Understanding our clients long-term hold plan and how their exceptional reputation is regarded in the market, we approached life companies to achieve the optimal balance of pricing, term and interest-only payments.”

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