Meridian Capital Group, America’s most active debt broker, arranged $110 million in acquisition financing for the purchase of the Eaves Nanuet, a multifamily property located in Nanuet, NY, on behalf of Harbor Group International and Azure Partners.
The five-year loan, provided by a regional balance sheet lender, features a fixed-rate of 3.13%, two years of interest-only payments and a five-year extension option. This transaction was originated by Managing Director, Moshe Majeski and was negotiated by Senior Managing Director, Abe Hirsch, and Managing Director, Zev Karpel, who are all based in Meridian’s New York City headquarters.
“We are excited to once again form a 50%-50% joint venture with Harbor Group International to acquire Eaves Nanuet. The property has an irreplaceable location in an extremely high barrier to entry market, with significant value-add potential. Azure and Harbor Group have now joint ventured to purchase $275 million in assets over the last 12 months and look forward to continue partnering on future deals together” said Arthur Rosenberg, CEO of Azure Partners LLC.
Constructed in 1998, the 54-acre Eaves Nanuet is located at 100 Avalon Gardens Drive and consists of 64 buildings, including the clubhouse, totaling 504 units. Property amenities include a spacious clubhouse, a state-of-the-art fitness center, a yoga room, indoor basketball and squash courts, a residents lounge with a fireplace, a business center, an outdoor swimming pool and sun deck, two tennis courts, two playgrounds and barbeque and picnic areas as well as 1,347 carports, garages and surface parking spaces. Additionally, residents of the Eaves Nanuet are located 20 miles northeast of Manhattan and enjoy easy access to Interstate 287, the Garden State Parkway, the Palisades Interstate Parkway, and Tappan Zee Bridge and are two miles from the Nanuet Metro-North train station. Local shopping abounds and area residents may also avail themselves of both the Shops at Nanuet and the Palisades Center Mall.
About Azure Partners:
Azure Partners LLC (Azure) is a real estate private equity firm based in New York City focused on the opportunistic acquisition and management of real estate assets within high-growth markets in the United States. Since its founding in 2010, Azure has acquired in excess of $1 billion of real estate in the multifamily and retail sectors.
About Harbor Group International:
Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued at approximately $4.4 billion. HGI is headquartered in Norfolk, Virginia with offices in New York and Tel Aviv. The company’s real estate holdings include in excess of 5.1 million square feet of commercial properties and in excess of 25,000 apartment units. For additional information, please visit www.harborgroupint.com.
About Meridian Capital Group:
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