January 21, 2019, New York, NY – Meridian Capital Group, America’s most active dealmaker, arranged $68 million in financing for the Vitre condominium tower in New York, NY on behalf of Wonderworks Construction and their partners.
The 24-month condo inventory loan is secured by this 48-unit development and was provided by a balance sheet lender and features full-term interest-only payments. This transaction was negotiated by Meridian Senior Managing Directors, Morris Betesh and Tamir Kazaz, and Vice President, Alex Bailkin, who are both based in the company’s New York City offices.
Located at 302 East 96th Street in Manhattan’s Upper East Side neighborhood, the luxury Vitre condominium tower stands 21 stories tall and boasts a modern glass façade. The property consists of 48 one- to three-bedroom residences featuring amenities such as floor-to-ceiling windows, private terraces, white oak flooring, and state-of-the-art appliances, in addition to community benefits including a residents’ lounge, rooftop deck, concierge service, parking and 24-hour attended lobby. Vitre is located directly across from the extension of the Q subway line at the 96th Street / Second Avenue station.
The Upper East Side offers residents proximity to some of New York’s most prominent landmarks, including Central Park and the Guggenheim and Metropolitan Museum of Art along Museum Mile, in addition to upscale restaurants and designer shops along Madison Avenue. The neighborhood is easily accessible via the 4, 5, 6, F, N, Q, and R subway lines and various local bus routes.
“It was a pleasure working with Wonderworks, a true premier developer in Manhattan. Their commitment to quality and excellence is evidenced by this world-class development,” said Mr. Betesh. “We were able to create a competitive bidding process and match Wonderworks with a lender who appreciates their experience and track record.”
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