Meridian Capital Group negotiated $20 million in mortgage financing on behalf of Zahav Properties for 40 Gold, a recently constructed multifamily building at 40 Gold Street in New York.
The five-year permanent loan, provided by a local balance sheet lender, features a competitive fixed rate of 3.05%.
The property totals 14 stories and contains 56 apartments with 5,800 s/f of ground floor retail space.
The transaction was negotiated by Meridian Capital vice president Josh Rhine, who is based in the company’s New York City headquarters.
The sponsor assembled the land over the past several decades and developed the building from the ground up. 40 Gold’s appeal stems from its hotel-level amenities and attractive location in the heart of New York City’s Financial District, according to Rhine.
The property features a state-of-the-art gym, private lounge and manicured rooftop gardens.Rhine said lenders responded to the high quality of the asset and
Meridian was able to leverage the strong interest in the financing into very aggressive quotes and, ultimately, a favorable rate.
“We have already closed five deals this year with the help of Josh Rhine and the team at Meridian,ˮ said Benjamin Werber, a principal at Zahav Properties.“Their banking relationships and knowledge of the process have benefit us greatly. Josh has continuously worked on obtaining the best rates and terms for each deal and Meridian has adeptly navigated through the complexities of tighter bank requirements.ˮ