Meridian Arranges $40 Million for NYC Properties
Meridian Capital Group, New York, arranged $40 million in financing for several projects within New York City.
Meridian negotiated a $21 million loan to refinance The Riviera, a cooperative property on Riverside Drive in Manhattan, on behalf of Midboro Management.
The 10-year loan, provided by a regional balance sheet lender, features a 3.35 percent fixed rate and interest-only payments for the full term. Meridian Capital Group Senior Vice President Jacob Schmuckler and Vice President Nicoletta Pagnotta negotiated the loan.
The 12-story cooperative property, at 790 Riverside Drive on the corner of West 157th Street, totals 200 units. Built in 1911, it features numerous amenities including a 24-hour doorman, bike storage room, laundry facilities and a live-in superintendent.
“We are seeing cooperatives pursue the balance sheet lending space where we are able to customize prepayment penalties and offer additional flexibility on terms,” Schmuckler said.
Also in Manhattan, Meridian Capital Group arranged $6 million in permanent financing for a mixed-use property in the SoHo neighborhood.
The five-year loan was provided by a national balance sheet lender and features a rate of 3.30 percent. Meridian Managing Director Brian Flax and Associate Corey Schwartz negotiated the transaction.
The four-story property is at 171 Spring Street and houses three deluxe apartments and 1,800 square feet of retail space, tenanted by Boqueria, a Spanish-style tapas restaurant.
“Meridian was able to quickly structure a financing solution to specifically address the borrower’s needs and close in a short 35-day timeframe,” Schwartz said.
In Brooklyn, Meridian Capital Group arranged $4 million in permanent financing to refinance a surgical facility.
The five-year loan, provided by a local balance sheet lender, features a fixed-rate of 3.30 percent and a 30-year amortization schedule. This transaction was negotiated by Meridian Managing Director, Brian Flax and Associate Joel Chetner.
The surgical facility totals 36,000 square feet and is on Nostrand Avenue in Brooklyn’s Sheepshead Bay neighborhood.
“Meridian negotiated and delivered the best terms in the market and closed the loan within 35 days,” Chetner said.
Back in Manhattan, Meridian Capital Group arranged $9 million in permanent financing to refinance a three-property multifamily portfolio on the Upper East Side.
The five-year loan, provided by a local savings bank, features a fixed-rate of 3.13 percent and a five-year extension option. This transaction was negotiated by Meridian Managing Director Allan Lieberman.
The three buildings, totaling 75 residential units and two ground floor commercial units, are on East 86th Street, East 92nd Street and First Avenue on the Upper East Side. The neighborhood offers access to Central Park, the Metropolitan Museum of Art and numerous restaurants and retailers.
“Given the longstanding relationship with the borrower, Meridian negotiated with the existing lender to significantly reduce the prepayment penalty on the outstanding mortgages and arrange a competitive new interest rate on the package recapitalization,” Lieberman said.
