Dealmaker: Meridian Capital Group Arranges $94M for Condos, Mixed-Use
Meridian Capital Group, New York arranged $94 million for condominium and mixed-use properties in New York and New Jersey.
On Manhattan’s Upper East Side, Meridian Senior Managing Directors Morris Betesh and Tamir Kazaz and Vice President Alex Bailkin arranged $68 million in financing for the Vitre condominium tower. Wonder Works Construction Corp., New York, and partners are razing a three-story parking garage and erecting a 21-story property with 48 residences.
A balance sheet lender provided the 24-month condo inventory loan that included full-term interest-only payments.
Located at 302 East 96th Street, the Vitre condominium tower is directly across from the Q subway line extension at the 96th Street/Second Avenue station. Its East Side location is close to New York landmarks including Central Park, the Guggenheim and Metropolitan Museum of Art along Museum Mile.
In Jersey City, N.J., the firm’s property sales division, Meridian Investment Sales, sold the Avenir mixed-use development site for $48 million. Meridian Investment Sales Senior Executive Managing Director David Schechtman, Managing Directors Lipa Lieberman and Abie Kassin and Vice President Paul Patafio represented the seller and procured the buyer.
Betesh and Meridian Capital Vice President David Hayum arranged a $26 million loan for the acquisition.
Located at 1072 and 1075 West Side Avenue, the site totals 3.35 acres and contains 659,000 buildable square feet. When complete, the property will stand eight stories and contain 486 studios, one-, two- and three-bedroom apartments in addition to 25,000 square feet of commercial space.
Jersey City has seen an influx of development in recent years with more than 7,000 residential units completed from 2015 to 2017. As developers target the neighborhood due to its proximity to Manhattan and relative affordability, new hotels, office buildings and residential developments are sprouting.
