News & Insights
AIG Lends $57M on New Geothermal Mixed-Use Project in Chicago
DLG Management has nabbed a $57 million loan to refinance a newly constructed, geothermal mixed-use property in Chicago, Commercial Observer has learned. AIG provided the 15-year loan, which features a 3 percent interest rate, on behalf of DLG’s Dave Gassman for The Residences at the Eagle Building, sources familiar with the deal told CO. The financing arrangement was negotiated by Meridian Capital Group Managing Director Gershon Friedman out of the company’s Chicago office.
Three Revolving Lines of Credit Total $225M
Meridian Capital Group recently arranged three $75 million revolving lines of credit totaling $225 million for three large national debt funds. Each credit facility begins with $75 million of capacity that can be increased as required. The facilities have no mark-to-market or rebalance requirements and advances are funded within one to three days of request. These transactions were negotiated by Seth Grossman and Jason Kahn of Meridian’s West Coast team. Jackie Tran and Sarah Kuebler assisted in the closings.
Meridian Arranges $163M Walker & Dunlop Refi for Bronx Multi Development
Cheskel Schwimmer’s Chess Builders has locked down a $163 million refinance for The Arches, two Class A multifamily development towers in the Mott Haven neighborhood of the Bronx, Commercial Observer has learned. Walker & Dunlop provided the bridge loan in a transaction negotiated by Meridian Capital Group’s Ronnie Levine, Isaac Filler and Thomas Wayda. Walker & Dunlop’s Geoff Smith led the transaction on behalf of the lender.
Bronx Elevator Building Trades After 50-Year Hold
Meridian Investment Sales’ Amit Doshi and Shallini Mehra recently sold 2775 Morris Ave., a 1932 Art Deco elevator building located in the Fordham section of the North Bronx. The 48-unit property traded for $5.6 million, or $95 per square foot and $116,600 per unit, with fa capitalization rate of 5%.
Citi, Bank of America Provide $99M CMBS Recap on Boca Raton Office Portfolio
An investment entity including owner and developer TJAC Development has secured $99 million in commercial mortgage-backed securities (CMBS) debt from Citigroup and Bank of America to help recapitalize a portfolio of four mixed-use office properties in Boca Raton, Fla., Commercial Observer has learned. There was an unnamed, foreign equity provider also included in the financing.
Ex-Freddie Mac CEO Brickman to Lead New Agency Lending Platform
Former Freddie Mac Chief Executive Officer David Brickman, who stepped down from his post this month, is taking the helm of a new agency-lending platform backed by mortgage brokerage Meridian Capital Group and investment firm Barings.
Meridian Arranges Sale and Acquisition Financing for 15 Park Row, 335-Unit Building
Meridian Capital Group announced today that its Institutional Investment Sales Group, led by Helen Hwang, has advised Park Row Realty, L.P. on the residential part of the sale of 15 Park Row to Atlas Capital Group, LLC, while Meridian Senior Managing Director, Morris Betesh, and Vice President, Alex Bailkin, arranged $109 million in financing for the acquisition.
Year in Review Spotlight: David Schechtman, Meridian Investment Sales
Q: What was your most notable project, deal, or transaction in 2020? A: Selling six multifamily buildings for $36 million in the Bronx and New Rochelle to six different buyers on behalf of a generational family who understood pricing and process as multifamily sales have become increasingly difficult.
Year in Review Spotlight: James Famularo, Meridian Retail Leasing
Q: What was the most challenging part of working during the pandemic? A: We always remained optimistic that New York City would turn around quickly as it always has in the past. Finding people as optimistic as we were about this was one of the most challenging parts of working during the pandemic.
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.
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.