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Debt & Equity

Morgan Group refinances Bronx portfolio with $150M loan

Debt broker Meridian Capital Group arranged $148.6 million in permanent financing for the refinance of a 21-property multifamily portfolio in the Bronx on behalf of The Morgan Group.

The five-year loans, provided by a regional balance sheet lender, feature fixed-rates of 3.13 percent and three years of interest-only payments.

176 East 176th Street
176 East 176th Street

The transactions were negotiated by Meridian senior vice president Moe Rosenblum, who is based in the company’s New York City headquarters.

The properties are located at 230 East 167th Street; 176 East 176th Street; 161-165 East 179th Street; 344 East 209th Street; 1860 Billingsley Terrace; 2584 Creston Avenue; 1916, 2300, 2585 and 2593 Grand Concourse; 1921 Hobart Avenue; 3136 Perry Avenue; 1210, 1226 and 1240 Sherman Avenue; 1230 Teller Avenue; 600 Trinity Avenue; 1344, 2550 and 2805 University Avenue; and 2432 Webb Avenue, which total 1,061 apartment units and 20 retail units.

“Meridian worked closely with the sponsor, lender and third parties to close 19 loans on this large portfolio of 21 properties at a 75 percent loan-to-value ratio,” explained Rosenblum.

“The quality of the assets and strength of the borrower enabled Meridian to negotiate a favorable fixed-rate with three years of interest-only payments.”

Meridian also announced $218.2 million in acquisition financing for the purchase of Pleasant View Gardens and Wayne Village, two multifamily properties located in Piscataway and Wayne, NJ, on behalf of Cammeby’s International LTD.

The 10-year Fannie Mae loans, provided by Capital One Multifamily Finance, feature fixed rates of 3.89 percent and seven years of interest-only payments.

The transactions were negotiated by Meridian senior managing director Abe Hirsch, and managing Director Zev Karpel.
Pleasant View Gardens is a garden-style apartment community with 1,142 units, 80 acres of open space, a swimming pool, fitness center, business center and clubhouse.

Wayne Village totals 275 units and is composed of garden-style apartments and townhouses.
Community amenities include a swimming pool, fitness center and dog park. Both properties are located within an hour of Manhattan.

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