April 10, 2019
Meridian’s Adam Hakim, James Murad and Andrew Iadeluca arranged $138.6 million in financing for the ground-up construction of a condominium property in New York, NY on behalf of Anbau.
The construction loan includes $96 million of senior financing provided by a balance sheet lender and $42.6 million in mezzanine financing sourced through a Wall Street bank. This transaction was negotiated by Meridian Senior Managing Director, Adam Hakim, Senior Vice President, James Murad, and Director, Andrew Iadeluca.
Located at 39 West 23rd Street in New York’s Flatiron District, the dual-tower project sits on a block-through site with frontage on both West 23rd and West 24th Streets. When complete, the property will consist of a 24-story tower on West 23rd Street and a smaller 10-story tower on West 24th Street totaling 48 residential units and one retail unit across 117,000 gross square feet.
Situated in the heart of the Flatiron District, 39 West 23rd Street enjoys proximity to a wide array of high-end dining, shopping, and fitness options, excellent access to transportation, and benefits from a robust residential and workforce population.
“Anbau has a track record for developing thoughtfully designed, best-in-class condominium buildings, which will continue here at 39 West 23rd Street. The unique block-through site, along with an ideal location just west of Madison Square Park, will position this property to be one of the most sought-after condominium buildings in the Flatiron District,” said Mr. Hakim.
Over the past 20 years, Anbau has established itself as an industry leader in the crafting of high-end condominium homes in New York City. Its culture is one of creativity balanced with
financial and execution discipline. Its product is meticulously detailed and on the forefront of innovative urban design. For more information, visit anbaunyc.com.
About Meridian Capital Group:
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.