Meridian vice president Carol Shelby arranged a $43.5 million loan for the developer of a new Upper East Side rental.
The property is a 20-story, 82-unit luxury rental apartment building at 501 East 74th Street in the Lenox Hill developed by Golden Asset LLC.
Designed by Stephen B. Jacobs Group, the 20-story property features 82 luxury apartments and amenities that include a residents’ lounge with an exhibition kitchen, a dining room, a billiard table, a business center and library, a fitness center, yoga and dance studio, a children’s play room, bicycle room, parking garage and two common roof decks with an outdoor kitchen.
Apartments feature stainless steel kitchen appliances, floor-to-ceiling windows, private balconies or terraces.
Named Rose Modern, the building anchors a corner site at 501 East 74th Street near the 72nd Street subway station.
The seven-year balance sheet loan, provided by Capital One, features a fixed rate of 3.88 percent. It will be use to recapitalize the deal, pay off the construction loan, which was short-term in nature, and to return some of the principal’s equity investment in the development, according to Shelby.
“The property is of exceptional quality and was recently constructed by our client,” explained Shelby. “This unique building is situated in a settled residential community that is in high-demand by young families.
“Meridian leveraged its strong relationship with Capital One and was able to successfully close during the property’s stabilization period.ˮ
The property was marketed exclusively by BOND New York Properties, who will remain in place as exclusive leasing agent after the initial lease up has been completed.
