Manhattan, NY Meridian Capital Group has arranged $60 million in financing for The York multifamily property, located on the Upper East Side, on behalf of BLDG Management.
The 10-year loan, provided by a life insurance company, features a fixed rate of 3.73% and full-term interest-only payments. This transaction was negotiated by Meridian managing director, Carol Shelby, who is based in the company’s NYC headquarters.
The York, located at 435 East 79th St., is a 13-story, 233-unit multifamily property with three ground-floor retail spaces, and a parking garage in the Yorkville neighborhood.
Amenities include a 24-hour doorman, a concierge, a fitness center, on-site laundry facilities, and a live-in superintendent. The property is in close proximity to public transportation, including the Q subway line at 86th St. and Second Ave., the 4, 5, and 6 subway stop at 86th St. and Lexington Ave., and the 6 subway stop at 77th St. and Lexington Ave. The property’s location affords residents quick access to leading epicurean establishments, exclusive private and public schools, notable global cultural institutions, including the Metropolitan Museum of Art and the Guggenheim museum as well as Central Park, the Carl Schurz Park, and the shopping mecca of Madison Ave
“This is the second refinance that we’ve negotiated for BLDG Management in less than a month and we are very familiar with their business plans, which have proven to be successful in the market,” said Shelby. “The York’s desirable location and various amenities attracts a wide range of home seekers, and given the client’s impressive portfolio and reputation, we were able to achieve a favorable structure and full-term interest-only payments.”