Meridian Capital Group arranged $46.5 million in acquisition financing for the purchase of six contiguous multifamily properties totaling 125 units located in New York, NY on behalf of Sugar Hill Capital Partners.
The three-year loan, provided by a mortgage REIT, features a LIBOR-based floating-rate and interest-only payments for the full term.
This transaction was negotiated by Meridian Senior Managing Director, Ronnie Levine, and Vice President, Shamir Seidman, who are both based in the Company’s New York City headquarters.
The six contiguous semi-vacant multifamily properties total 125 units and are located at 471-476 Central Park West.
“These buildings were a tremendous opportunity for our clients to acquire prime Central Park West rental properties,” said Seidman.
“Despite the assets having a number of vacancies and some deferred maintenance, Meridian was able to make a market for the loan and negotiate proceeds in excess of 70% loan-to-cost,” he added.