March 28, 2018
Meridian Capital Group, America’s most active dealmaker, arranged $42 million in financing for the acquisition and renovation of a multifamily property in the Lower East Side neighborhood of New York, NY, on behalf of AMAC Holdings.
The seven-year loan, provided by a balance sheet lender, features a highly competitive rate of and three years of interest-only payments, followed by a 30-year amortization schedule. Meridian Senior Managing Director, Tal Bar-Or, and Vice President, Richard Sutton, who are both based in the companyâ€™s New York City headquarters, negotiated the financing in this transaction.
The eight-story property, located at 10 Rutgers Street, features 83 units and is located at the intersection of the Lower East Side and Two Bridges neighborhoods, directly across the street from Seward Park. The up-and-coming area is home to a vibrant art scene and some of the best dining, nightlife, and entertainment the city has to offer. The property is easily accessible via the F subway line at the East Broadway station and the B and D subway lines at Grand Street. The buyer, AMAC Holdings, has plans to substantially reposition the property through an extensive renovation.
“We are proud to have matched AMAC with Raymond James to provide a highly tailored solution that will act as a blueprint for a successful relationship going forward,” said Mr. Bar-Or.
Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2017, Meridian closed over 3,000 debt transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property. Since inception, the company has closed more than $300 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. 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, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com