Meridian Capital Group, America’s most active dealmaker, arranged $35 million in construction financing for a mixed-use property on the Upper East Side of New York City on behalf of Adellco, LLC.
The 24-month loan, provided by a balance sheet lender, features interest-only payments, a prime-based floating rate, and a one-year extension option. Meridian Senior Managing Director, Tal Bar-Or, and Vice President, Richard Sutton, who are both based in the company’s New York City headquarters, negotiated the financing for this transaction.
Upon completion, 27 East 79th Street will be the first condominium building on the block. The Cabinet Alberto Pinto-designed project will feature eight two- to five-bedroom residences, including a duplex townhouse with a private garden and a triplex penthouse with soaring views. There will also be a retail space ideal to showcase art or jewelry. The building’s richly appointed limestone façade will feature custom ornate ironwork along with a glass-domed marquee, reminiscent of a Parisian private residence. The meticulously designed interiors will be adorned with parquet de Versailles flooring, custom moldings, and oversized windows. Epicurean kitchens will be appointed with French La Cornue ranges, Miele appliances, and custom Cabinet Alberto Pinto millwork throughout.
“We are pleased to have worked with Adellco, LLC in bringing this project to fruition,” said Mr. Bar-Or. “The financing was complex but ultimately the vision and professionalism of the sponsor led to a financing solution.”
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