News & Insights
601W Companies Closes on Acquisition of 410 Tenth Avenue, Lands $705M CMBS Loan
The 601W Companies has officially closed on its acquisition of 410 Tenth Avenue, along with the $705 million commercial mortgage-backed securities (CMBS) loan it secured for the purchase, sources close to the deal told Commercial Observer.
Team Doshi Finalizes Deal for UWS Elevator Building
Meridian’s Amit Doshi and Shallini Mehra recently sold 5 W. 91st St., a 48-unit legacy asset on Manhattan’s Upper West Side. The elevator building was built in 1972 under the Mitchell-Lama Housing Program and transitioned to rent-stabilized in 2006.
Reflecting on a Tumultuous Year: Q&A with Meridian’s Helen Hwang
Like most executives in New York’s real estate industry, Helen Hwang had not expected 2020 to usher in a global pandemic. But once the initial shock wore off, the senior executive managing director at Meridian Investment Sales and her team figured out effective ways to surmount the challenges presented by COVID, and arranged several significant transactions, including the sale of One Union Square South — the first major institutional multifamily deal to have negotiated, signed, and closed in New York City during the pandemic.
NYCB’s $105M Loan Finances Purchase of Boca Raton Luxe Rental Development
Grant Cardone’s investment firm Cardone Capital has nabbed $105 million in acquisition debt to fund its purchase of luxury rental development Altis Boca Raton, Commercial Observer has learned.
Group P6 lands $69M construction loan for Boca Raton project
Group P6 closed on a $68.5 million construction loan for Royal Palm Residences in Boca Raton. The developer, led by Ignacio Diaz and Jose Padua, secured the non-recourse debt from CIM Group, according to a press release from Meridian Capital Group, which arranged the loan. The project is expected to be delivered in late 2022, Diaz said.
S3 Capital Provides $60M Construction Loan for Bronx Multifamily Property
JCS Realty has landed $60 million in construction financing for a multifamily property located in the Mott Haven neighborhood of the Bronx, Commercial Observer has learned.
Harbor Group International Nabs $513M Agency Portfolio Refi From Capital One
Capital One has provided a $513 million Freddie Mac-backed debt package to Harbor Group International (HGI) to refinance a bundle of eight multifamily assets in the mid-Atlantic region that were part of the massive 24-property Beacon Portfolio, according to information from Capital One and advisory firm Meridian Capital Group, which arranged the financing.
Brownstoner Podcast: Meridian’s Morris Betesh on Commercial Real Estate Financing During COVID
In the latest episode of The Brownstoner Podcast, Morris Betesh, senior managing director for capital services with Meridian Capital, describes the twists and turns of commercial real estate financing since the coronavirus hit in March. “It’s a tale of two cities,” he said.
Meridian Arranges $70M Revolving Line of Credit for National Debt Fund
Meridian Capital Group arranged a $70-million revolving line of credit for a large national debt fund that focuses on bridge financing across all asset classes. The transaction was negotiated by members of Meridian’s West Coast team based in San Diego, including Seth Grossman and Jackie Tran.
Closing Through COVID: Meridian’s Drew Anderman Tells the Financing Side of the Story
How are the different divisions of Meridian Capital Group faring these days? Recently, members of the investment sales team reported a strong deal pipeline and numerous closings since COVID-19 hit in March. Drew Anderman, a senior managing director in the firm’s mortgage brokerage division, also relayed a positive report: Since the onset of the pandemic, his team has been staying busy and closing deals.
What pandemic? Big restaurant to open in Greenwich Village
A new, 14,000 square-foot restaurant might be the last thing you’d expect in pandemic-battered, central Greenwich Village, where eateries and bars have closed by the score. But a jumbo is coming to 103-105 MacDougal St., once home to Mexican spot Panchito’s. Brooklyn Chop House managing partner Stratis Morfogen has signed for 7,000 square feet on the ground and 7,000 on a lower dining level.