Dealmaker: Meridian Capital Closes $183M in Multifamily Refinances

Meridian Capital Group, New York, arranged $182.5 million to refinance multifamily properties in Manhattan and in five Midwestern states.

On Manhattan’s Upper East Side, Meridian Managing Director Carol Shelby arranged $60 million in life insurance company funds for BLDG Management to refinance The York, a 13-story, 233-unit property with three ground-floor retail spaces.

The 10-year loan priced at 3.73 percent and included full-term interest-only payments, Shelby said.

“This is the second refinance that we’ve negotiated for BLDG Management in less than a month and we are very familiar with their business plans, which have proven to be successful in the market,” Shelby said.

Shelby noted that she also arranged $65 million to refinance The Blake–another Upper East Side property–for BLDG Management. That 10-year life company loan at 4.24 percent and allowed seven years of interest-only payments. Located at 220 East 63rd Street, The Blake is a 14-story, 181-unit rental apartment building within walking distance to Central Park as well as Park Avenue, Madison Avenue, Fifth Avenue and Third Avenue.

Meridian Capital Group also arranged $57.5 million in commercial mortgage-backed securities financing to refinance a 15-property multifamily portfolio in Minnesota, Ohio, Indiana, Kentucky and Georgia.

Meridian Managing Director Cary Pollack and Vice President Judah Neuman secured a 10-year fixed-rate loan for sponsor Reliance Global Holdings, New York.

The 15-property portfolio totaled 1,192 units. The properties included Laurel Bay and Carleton Court in Minnesota, Camellia Court, Beckford Place, Forsythia Court, Slate Run, Tabor Ridge, Foxhaven and River Glen properties in Ohio, the Ridgewood and Meadowood properties in Indiana, the Ashgrove and Hayfield Park properties in Kentucky and the Elmwood and Wood Trail properties in Georgia.