Meridian Capital Group, LLC, a national commercial real estate finance and advisory firm, arranged a $160 million CMBS loan to refinance a former nursing home on Third Avenue in New York, NY on behalf of The Chetrit Group.
The five-year conduit financing was provided by Natixis Real Estate Capital LLC and features interest-only payments for the full term.
The transaction was negotiated by Meridian managing director, Ronnie Levine, who is based in the company’s New York City headquarters.
The 19-story, 498-unit state-of-the-art student housing property is located at 1760 Third Avenue and totals 247,600 s/f.
The asset was formerly a nursing home that The Chetrit Group began converting in 2009. Tenants include Baruch College, Hunter College, LIM College and Educational Housing Services.
“Meridian was able to quickly procure this competitive financing for The Chetrit Group based on the strength of the sponsorship, the high-quality of the asset and a solid prior financing relationship with the lender,” said Levine.
“Given the shortage of quality student housing stock in New York City, a property of this caliber will serve both our client and its inhabitants very well for years to come.”