Meridian Capital Group, America’s most active dealmaker, arranged $50 million in senior and mezzanine financing for the construction of 145 Central Park North, a condominium building located in the Harlem neighborhood of New York, NY.
The construction loan, which was provided by a balance sheet and mezzanine lender, was negotiated by Meridian Senior Managing Director, Morris Betesh, and Vice Presidents, Michael Homapour and Daniel Belecen, who are all based in the company’s New York City headquarters.
Located at 145 Central Park North, the 13-story development will stand 135 feet tall and consist of 37 spacious units all with unobstructed views of Central Park. The property will feature amenities including a 24-hour doorman, off-street parking, multiple roof decks, resident storage rooms, bike rooms, and a fully outfitted gym. 145 Central Park North is conveniently located less than one block from the 2, 3, B, and C subway lines at the 110th Street station and within close proximity to a myriad of restaurants and cafés.
The area of South Harlem and Central Park North has seen several condominium developments over the last few years, including the Circa Central Park and 111 Central Park North. Harlem, which is bounded by Fifth Avenue to the east, Morningside Avenue to the west, West 110th Street to the south, and West 155th Street to the north, is known for its American jazz, literature, and civil rights history, and offers residents a quiet, community-oriented atmosphere.
"Today condominium construction financing is reserved for the best projects with the strongest sponsors. This property’s unique location overlooking Central Park, with views that will never be blocked, set this development apart and allowed Meridian to arrange competitive financing for a premier developer,” said Mr. Betesh.
Grid Group, a boutique New York City development company known for superior construction quality and a refined sense of design detailing, is responsible for the project. Raman Gardner, Director of Development for Grid Group, noted, “We believe that uncompromising attention to architectural details and an exceptionally high level of construction execution are integral to both the positive experience of inhabiting the spaces within our projects as well as the long-term value of each building. With this unique opportunity at 145 Central Park North, we selected GLUCK+ as the architect and construction manager for the project, knowing they share our objectives of quality and craft above all else.”
A rare opportunity to complete the street wall around Central Park, this new residential building will add to the rich history of special moments along the park’s perimeter. The unique shallow depth of the lot allows for floor-through apartments to optimize views over the park, as well as north toward upper Manhattan.
GLUCK+, located in New York City since 1972, is an internationally renowned firm known for the integrity of its designs, sensitivity to the relationship between architectural form and context, and an integrative approach to the design and construction of award-winning buildings. The practice is committed to pushing the boundaries of design together with real-world expertise to deliver the highest quality built result. www.gluckplus.com
Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2017, Meridian closed over 3,000 transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida, and California.
Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com