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Deals & Dealmakers

Emerald bags $300M loan for Dawnay buy

Meridian Capital arranged a $300 million loan for Emerald Equity’s purchase of the former Dawnay Day Portfolio in East Harlem.

Managing director Marvin Jeremias, senior managing director Ronnie Levine and senior managing director Drew Anderman worked the deal. The company declined to provide further comment.

Emerald Equity Group purchased the 47-building portfolio from Fairstead Capital and E+M Associates for $357.5 million.

It is comprised of 47 buildings, totaling 712,571 square feet and 1,181 units. Fairstead, a New York City-based investor and manager of multifamily property, acquired the portfolio with E&M from a special servicer in 2013 for an undisclosed sum.

Previously the properties had been owned by Dawnay Day Group, a now-defunct U.K. investment firm, which bought the portfolio for $225 million in 2007.

A team led by Ariel Property Advisors’ Victor Sozio, Shimon Shkury and Michael A. Tortorici represented the sellers and procured the buyer.

Mitchell Taras of the Sadis & Goldberg provided legal representation to the seller and Jeffrey Zwick of Jeffrey Zwick & Associates, P.C. provided legal representation to the buyer.

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