Meridian Capital Group arranged $35 million in construction financing for a mixed-use property on the Upper East Side of New York City on behalf of Adellco, LLC.
The 24-month loan, provided by a balance sheet lender, features interest-only payments, a prime-based floating rate, and a one-year extension option.
Senior Managing Director Tal Bar-Or and Vice President Richard Sutton negotiated the financing.
Upon completion, 27 East 79th Street will be the first condominium building on the block.
The Cabinet Alberto Pinto-designed project will feature eight two- to five-bedroom residences, including a duplex townhouse with a private garden and a triplex penthouse.
There will be a retail space at the base of the property which the developers envision as a shocase for jewellers.
The limestone façade will feature custom ironwork along with a glass-domed marquee. The interiors will be adorned with parquet de Versailles flooring, custom moldings, and oversized windows.
“We are pleased to have worked with Adellco, LLC in bringing this project to fruition,” said Bar-Or. “The financing was complex but ultimately the vision and professionalism of the sponsor led to a financing solution.”
Some noteworthy Adellco projects are the Capitol at Chelsea, a 387-unit market-rate residential high-rise with retail, garage and commercial space, and the Aston, a 266-unit 80/20 apartment building with retail and garage space, in that corridor.
