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Bernstein Real Estate Obtains $60M Refi for NYC Asset
Bernstein Real Estate has received a $60 million loan to refinance a 175,000-square-foot office building in New York City. Meridian Capital Group worked with a regional lender to arrange the five-year loan, with a fixed rate of 3.5 percent and one five-year rollover option. According to CommercialEdge data, Bernstein acquired the asset in 2008, for $60 million.
Meridian Capital Group Arranges $60 Million in Financing for a 175,000 Square Foot Office Building in New York, NY
Meridian Capital Group, America’s most active dealmaker, arranged $60 million in financing to refinance a 175,000 square foot office building in New York, NY on behalf of Bernstein Real Estate.
Meridian Capital Group arranges $60 million in financing for a 175,000 s/f office building
Meridian Capital Group arranged $60 million in financing to refinance a 175,000 s/f office building on behalf of Bernstein Real Estate.
Year in Review Spotlight: James Famularo, Meridian Retail Leasing
Q: What was the most challenging part of working during the pandemic?
A: We always remained optimistic that New York City would turn around quickly as it always has in the past. Finding people as optimistic as we were about this was one of the most challenging parts of working during the pandemic.
Year in Review Spotlight: David Schechtman, Meridian Investment Sales
Q: What was your most notable project, deal, or transaction in 2020?
A: Selling six multifamily buildings for $36 million in the Bronx and New Rochelle to six different buyers on behalf of a generational family who understood pricing and process as multifamily sales have become increasingly difficult.
Year in Review Spotlight: Judah Hammer, Meridian Capital Group
Q: What was the most challenging part of working during the pandemic?
A: The biggest challenge for me was staying on top of the constantly shifting market conditions, bank underwriting, appraisal assumptions and knowing at any given moment which lenders were active and which were on pause, as our clients rely heavily on us for clear direction and advice.
Mark Karasick lands $705M CMBS loan to close on 410 Tenth Ave
Mark Karasick’s 601W Companies has secured a $705 million CMBS loan to close on its acquisition of 410 Tenth Avenue for $952.5 million. J.P. Morgan provided the seven-year, fixed-rate debt, Commercial Mortgage Alert first reported. The transaction closed late Friday afternoon.
Greystone Arranges $95M Financing for Multifamily Trio
Greystone recently provided more than $95 million in Freddie Mac financing to three properties located in Illinois, Pennsylvania and Virginia. Each of the three transactions was originated by Dan Sacks, the managing director of Greystone’s office in New York City. Just last week, Greystone landed a refinancing loan for a multifamily community in suburban Chicago.
601W Companies Closes on Acquisition of 410 Tenth Avenue, Lands $705M CMBS Loan
The 601W Companies has officially closed on its acquisition of 410 Tenth Avenue, along with the $705 million commercial mortgage-backed securities (CMBS) loan it secured for the purchase, sources close to the deal told Commercial Observer.