Meridian Capital Group negotiated a $122.8 million acquisition loan Gaia Real Estate’s purchase of 416 West 52nd Street in Clinton Hill.
The 36-month loan, provided by TPG Real Estate Finance, features a floating-rate and two 12-month options.
The transaction was negotiated by Meridian Capital Group senior managing director Ronnie Levine, and managing director Jeff Berkes, who are both based in the company’s New York City headquarters.
The vacant seven-story residential property, located between Ninth and Tenth Avenues, totals 156 units and approximately 141,350 s/f.
The 1940 construction building was formerly home to St. Vincent’s midtown hospital and was fully gut-renovated in 2015. All units are completely new and include premium appliances, custom cabinetry, designer fixtures, wood flooring and oversized windows.
Buildings amenities include a furnished rooftop deck complete with 360-degree views, a fitness center and tenant lounge, as well as an interior courtyard.
Located in New York City’s Special Clinton District, the property sits within an area characterized by significant limitations on the scale and scope of new development that has helped to preserve the low-rise architecture of the neighborhood.
“We were extremely pleased with Meridian’s professionalism and ability to quickly make a market for this transaction. We received numerous bids to finance the acquisition and the outcome was very positive on all accounts,” said Danny Fishman, a Managing Partner at Gaia.
“Meridian’s team is very familiar with this property and previously arranged the acquisition and renovation financing for it on behalf of a different ownership group,” said Levine.
“Having this unique perspective allowed us to quickly highlight the merits of the transaction to lenders and structure favorable terms based on the strength of Gaia’s business plan,” he added.