Meridian Capital Group,arranged $35 million in permanent financing for a multifamily property in New York, NY on behalf of Woods Management.
The 10-year loan, provided by a local balance sheet lender, features a competitive fixed-rate of 3.58% and interest-only payments for the full term.
The transaction was negotiated by Meridian executive vice president Avi Weinstock, and vice president Michael Farkovits, who are both based in the company’s New York City headquarters.
The luxury multifamily property, located at 200 East 15th Street in the Gramercy Park neighborhood of Manhattan, totals 213 residential units and 11,900 s/f of commercial space.
The post-war mid-rise building is situated at the corner of Third Avenue and Rutherford Place and has a doorman and laundry facilities.
“Meridian leveraged the long-time family ownership of the property to quickly underwrite the loan and capitalize on market fluctuations to negotiate long-term financing on behalf of the client,” said Weinstock
Meanwhile, senior managing director Drew Anderman, and senior vice president, Alan Blank arranged $18 million in acquisition financing for the purchase of a mixed-use property in New York on behalf of Stone Street Properties.
The three-year loan, provided by a national balance sheet lender, features a LIBOR-based floating-rate and interest-only payments for the full term with two one-year extension options.
The mixed-use property, located at 16 East 18th Street in the Union Square area of Manhattan, totals eight residential units a retail unit currently occupied by Paragon Sports. The sponsor plans on renovating the full-floor residential units.