April 9, 2019
Meridian’s Adam Hakim, James Murad and Andrew Iadeluca arranged $32.9 million in financing to refinance a condominium building in New York, NY on behalf of GDS Development, LLC (GDSNY).
The $32.9 million condominium inventory loan, provided by a balance sheet lender, was negotiated by Senior Managing Director, Adam Hakim, Senior Vice President, James Murad, and Director, Andrew Iadeluca.
Located at 500 West 25th Street on the corner of Tenth Avenue in Manhattan’s Chelsea neighborhood, the newly-constructed, 10-story building contains eight residential condominium units and one ground floor retail unit spanning a total of 23,000 square feet. Each residential unit features significant outdoor space and stunning views of The High Line, which is located adjacent to the building. The penthouse offers panoramic views of the Hudson River, the Empire State Building, Hudson Yards, and Downtown Manhattan. The property is also directly across from Avenues: The World School and is easily accessible via the C and E subway lines at the 23rd Street station.
Bounded by Sixth Avenue to the east, the Hudson River to the west, 14th Street to the south and 34th Street to the north, Chelsea is home to some of New York’s most iconic architecture in addition to some of the finest art galleries in the city. The convenient neighborhood offers residents an easy commute to the rest of Manhattan in addition to a plethora of well-known restaurants and bars.
“The favorable financing provided by Calmwater Capital on this transaction will allow GDSNY to finalize construction of the project and complete the sale of the remaining units. 500 West 25th Street will be one of the most well-designed properties in the area when complete, and benefits from great light and air due to its corner location and fantastic High Line views, which are visible from every room in the building,” said Mr. Hakim.
Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2018, Meridian closed over $37 billion in financing through more than 3,500 transactions across more than 250 unique lenders and sold nearly $1 billion in commercial property. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida, and California.
Meridian Capital Group