Meridian Capital Group, America’s most active dealmaker, arranged $55 million in financing to refinance The Urban, a class-A mixed-use property in the Flushing neighborhood of Queens, NY on behalf of Skyview Companies and institutional investors advised by J.P. Morgan Global Alternatives.
This transaction was negotiated by Meridian Senior Managing Director, Morris Betesh, and Vice President, Omar Ferreira, who are both based in the company’s New York City headquarters.
Located at 144-74 Northern Boulevard, the seven-story property consists of 103 residential units of which 31 are affordable, approximately 21,000 square feet of retail space leased to H Mart, Bank of America, and Burger King, and nearly 15,000 square feet of community facility space leased to Metro Dermatology and Evergreen Adult Day Care. The Urban also includes a 175-space below-grade parking garage. The developer acquired a 99-year ground lease in 2017 and began construction on the property in 2018, with leases to H Mart and Burger King executed prior to commencing construction. The 100% occupied property was completed in late 2020 and is the only new class-A multifamily development in Flushing, making it a premiere option for renters seeking luxury apartments in the neighborhood.
The Urban is surrounded by a vibrant restaurant culture in addition to various options for entertainment, shopping, and leisure. The property is easily accessible via various bus routes, the Long Island Rail Road at the Murray Hill station, and the 7 subway line at the Main Street station.
“We were involved in this deal from its inception and closing of the prior construction loan. Skyview delivered this project ahead of schedule and on budget, and as a testament to the project, was able to attract best-in-class tenants like Bank of America and H Mart. Wells Fargo realized the value creation and strong sponsorship and was able to price this loan aggressively to win the assignment for a great institutional client,” said Mr. Betesh.
Founded in 1991, Meridian Capital Group is one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2020, Meridian closed close to $40 billion in financing across more than 250 unique lenders. 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. Learn more at www.meridiancapital.com.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, $168 billion in assets under management and more than 600 professionals (as of March 31, 2021), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, hedge funds, infrastructure, transportation and liquid alternatives. Operating from offices throughout the Americas, Europe and Asia Pacific, our 15 independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: jpmorgan.com/am.
About Skyview Companies
Skyview Companies is a vertically integrated real estate development company operating in New York and Florida. Over the last decade, Skyview companies has delivered over 3.5 million SF of mixed-use development projects to market with a combined capitalization of $1.5 billion.