Dealmaker: Meridian Capital Group Arranges $88M

Meridian Capital Group, New York, arranged $88.1 in financing for multifamily and mixed-use assets in Houston and New York.

In Houston, Meridian Managing Director Zev Karpel negotiated $51.6 million for Marlin Spring, Toronto, to acquire two multifamily properties, Lakeview Apartments and Estates. The 12-year Fannie Mae loan provided by Capital One Multifamily Finance closed at 4.89 percent with five years of interest-only payments followed by a 30-year amortization schedule.

Located at 1699 Romano Park Lane and 16755 Ella Boulevard, respectively, 20 miles north of downtown Houston, the properties consist of two- and three-story garden-style buildings totaling 566 units.

Houston is the largest city in Texas and has the second-most Fortune 500 headquarters of any U.S. city after New York.

In Harlem, N.Y., Meridian arranged $36.5 million to allow The Jay Group, New York, to build mixed-use property 56 West 125th Street. Senior Managing Director Morris Betesh and Vice Presidents Dov Jeremias and Daniel Belecen secured the 36-month non-recourse loan from a balance sheet lender.

Located at 54-62 West 125th Street, the five-building site is adjacent to the newly built Whole Foods in Harlem. When complete, 56 West 125th Street will include one retail unit and 141 residential apartments spanning 140,000 gross square feet.

“Non-recourse construction financing is difficult to come by with traditional lenders,” Betesh said. “However, well capitalized borrowers with ideally located projects can still achieve attractive non-recourse financing.”