Meridian Capital Group, America’s most active deal maker, arranged $43.5 million in construction take out financing for a luxury multifamily property located on the Upper East Side of Manhattan.
The seven-year balance sheet loan, provided by Capital One Multifamily Finance, features a fixed rate of 3.88%. This transaction was negotiated by Meridian Vice President, Carol Shelby, who is based in the company’s New York City headquarters.
The property is a 20-story, 82-unit luxury rental apartment building, located at 501 East 74th Street in the Lenox Hill/Yorkville area of New York City. Property amenities include a residents’ lounge with an exhibition kitchen, a dining room, a billiard table, a business center and library, a fitness center, a yoga and dance studio, a children’s play room, a bicycle room, a parking garage and two common roof decks with an outdoor kitchen. Apartments feature stainless steel kitchen appliances, floor-to-ceiling windows, private balconies or terraces and oversized closets. The property is in walking distance from Central Park, the East River Greenway, Lenox Hill Hospital, as well as a variety of restaurants and shops. Residents enjoy close proximity to the 4 and 6 subway line at the 77th Street station, the Q line at the 72nd Street subway station, and direct access to the Franklin D. Roosevelt East River Drive.
“The property is an exceptional property that the client recently constructed,” explained Mrs. Shelby. “This unique building is situated in a settled residential community that is in high-demand by young families,” she said. “Meridian leveraged its strong relationship with Capital One Multifamily Finance and was able to successfully close during the property’s stabilization period,” she added. “The property was marketed exclusively by BOND New York Properties, who remains in place as exclusive leasing agent after the initial lease up has been completed.”
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