Meridian Capital Group arranged $45 million in acquisition and redevelopment financing for the conversion of a dormitory to a multifamily property in the financial district, on behalf of the DSA Property Group.
The two-year loan, provided by Ladder Capital, features a LIBOR-based floating rate, interest-only payments and a six-month extension option.
The transaction was negotiated by Meridian executive vice president Avi Weinstock, senior managing director Ronnie Levine, managing director Josh Rhine and vice president Luke Hingson.
“On behalf of DSA Property Group we wish to extend our thanks to the team at Meridian,” said Arik Lifshitz, whos DSA Property purchased the building for $51 million in September.
“They structured a deal uniquely tailored to our risk tolerance,” he added. “Despite our initial misgivings, Josh made us comfortable with the deal, and together with Ronnie walked us through a more complex process. We trusted Meridian to not only get us the best deal, but also the right deal, and they delivered.”
According to Rhine, “The redevelopment of 106 Fulton Street will service a unique niche in New York City’s Financial District by providing a high-quality product to its tenants, who are expected to be comprised of predominantly young professionals, at a price point far below nearby and competing luxury buildings.”
Operated as a student dormitory since 1999, the 15-story, approximately 75,000 s/f property, located at 106 Fulton Street, will be converted to a mid-luxury apartment complex. The ground floor offers 3,643 s/f of retail space with 50 feet of frontage on Fulton Street and 22 feet of frontage on Dutch Street.