Meridian Capital Group, America’s most active dealmaker, arranged $163 million in financing to refinance The Arches, two class-A multifamily development towers in the Mott Haven neighborhood of the Bronx, NY on behalf of Chess Builders.
The bridge loan, provided by Walker & Dunlop, was negotiated by Meridian Senior Managing Director, Ronnie Levine, Managing Director, Isaac Filler, and Vice President, Thomas Wayda, who are all located in the company’s New York City headquarters.
“We are proud to have represented and worked alongside the talented Chess Builders’ team again in financing The Arches, having previously arranged construction financing for this project. As demonstrated by this transaction, capital for class-A multifamily projects developed by strong and experienced sponsors remains plentiful. The Arches is actively setting a new standard for luxury and quality in the Mott Haven neighborhood, a sub-market experiencing a true renaissance with investment from numerous market leaders including Chess,” said Mr. Filler.
Located at 224-228 East 135th Street, The Arches is a 430-unit luxury multifamily development situated along the waterfront in the Mott Haven neighborhood of the Bronx, NY. The property consists of two 25-story towers that offer sweeping views of the Manhattan skyline. The Arches features a best-in-class amenities package, including a business center, children’s playground, full service café, gym and yoga room, and a landscaped roof garden with grilling area, in addition to a 225-space onsite parking garage and a 24/7 doorman.
The Mott Haven neighborhood of the Bronx is one of the most booming real estate markets in the five boroughs, benefitting from its proximity to Manhattan and affordable rental rates. The property is four blocks from the 4, 5, and 6 subway lines and one block from Bruckner Boulevard, the area’s main corridor featuring an abundance of retail, bars, and restaurants. Additionally, the property is within walking distance from area attractions including St. Mary’s Park, the BronxArt Space and the South Bronx Farmers Market, and is just a short drive from Yankee Stadium.