Meridian Capital Group, America’s most active dealmaker, arranged $42 million in financing for the acquisition and renovation of a multifamily property in the Lower East Side neighborhood of New York, NY, on behalf of AMAC Holdings.
The seven-year loan, provided by a balance sheet lender, features a highly competitive rate of and three years of interest-only payments, followed by a 30-year amortization schedule. 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 in this transaction.
The eight-story property, located at 10 Rutgers Street, features 83 units and is located at the intersection of the Lower East Side and Two Bridges neighborhoods, directly across the street from Seward Park. The up-and-coming area is home to a vibrant art scene and some of the best dining, nightlife, and entertainment the city has to offer. The property is easily accessible via the F subway line at the East Broadway station and the B and D subway lines at Grand Street. The buyer, AMAC Holdings, has plans to substantially reposition the property through an extensive renovation.
“We are proud to have matched AMAC with Raymond James to provide a highly tailored solution that will act as a blueprint for a successful relationship going forward,” said Mr. Bar-Or.
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