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Debt & Equity

Developer bags $68M inventory loan on Upper East Side condo

Meridian Capital Group arranged $68 million in financing for the Vitre condominium tower in New York, on behalf of Wonderworks Construction and their partners.

The 24-month condo inventory loan is secured by this 48-unit development and was provided by a balance sheet lender and features full-term interest-only payments. This transaction was negotiated by Meridian

Rendering of Vitre condominium

Senior Managing Directors, Morris Betesh and Tamir Kazaz, and Vice President, Alex Bailkin, who are both based in the company’s New York City offices.

Located at 302 East 96th Street in Manhattan’s Upper East Side neighborhood, the luxury Vitre condominium tower stands 21 stories tall and boasts a modern glass façade. The property consists of 48 one- to three-bedroom residences featuring amenities such as floor-to-ceiling windows, private terraces, white oak flooring, and state-of-the-art appliances, in addition to community benefits including a residents’ lounge, rooftop deck, concierge service, parking and 24-hour attended lobby.

Vitre is located directly across from the extension of the Q subway line at the 96th Street / Second Avenue station.

“It was a pleasure working with Wonderworks, a true premier developer in Manhattan. Their commitment to quality and excellence is evidenced by this world-class development,” said Betesh. “We were able to create a competitive bidding process and match Wonderworks with a lender who appreciates their experience and track record.”

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