Ackerman and Sonnenschein of Meridian arrange $104 million financing; Levine & Berkes of Meridian handle $37 million: loan placed by Mesa West

Shaya Ackerman, Meridian Capital Group

Shaya Sonnenschein, Meridian Capital Group

Ronnie Levine, Meridian Capital Group

Manhattan, NY Meridian Capital Group arranged $104 million in acquisition financing for the purchase of The Hamilton multifamily property located at 1735 York Ave. on the Upper East Side on behalf of Bonjour Capital.

The seven-year loan, provided by a balance sheet lender, features a competitive fixed rate of 3.625% and three years of interest-only payments. This transaction was negotiated by Meridian managing director, Shaya Ackerman, and senior vice president, Shaya Sonnenschein.

The Hamilton, 1735 York Avenue - Manhattan, NY

The 38-story property totals 265 units and is located at 1735 York Avenue, on the northwest corner of East 90th Street, across the street from the Asphalt Green sports facility and along the East River Esplanade. Apartments feature granite kitchens, marble bathrooms and individually controlled air conditioning in each room. Building features include an elegant lobby with a 24-hour uniformed doorman, attended service entrance, state-of-the-art fitness center, locker rooms and saunas, landscaped roof deck, a children’s playroom, furnished lounge with kitchen, billiards lounge, fully-equipped air-conditioned laundry facility, attached 24-hour garage, building-wide water filtration and complimentary shuttlebus service to the subway and shopping. Residents enjoy close proximity to the 4 and 6 subway lines and the  property’s location affords 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 Carl Schurz Park, Central Park and the shopping mecca of Madison Avenue.

“Meridian was able to obtain uniquely favorable terms, including three years of interest-only payments, based on the high quality of the asset and its potential for value-add upside, the strength and reputation of the sponsor and Meridian’s active relationship with the lender,” said  Ackerman.

Meridian also arranged $37 million in acquisition and renovation financing for the purchase and renovation of a prime mixed-use property, located between the Gramercy and Union Sq. neighborhoods, on behalf of Springhouse Partners, an investment firm founded by Adam Verner in 2010.

The three-year loan, provided by Mesa West Capital, features full-term interest-only payments and two one-year extension options. This transaction was negotiated by Meridian senior managing director, Ronnie Levine, and managing director, Jeff Berkes.

The seven-story property, located at 51-55 Irving Place, totals 56 residential units and includes five retail spaces, one office space and unused air rights. Situated between both Gramercy Park and Union Square Park, the building is steps away from some of Manhattan’s finest retailers, restaurants and entertainment, including Wholefoods, Barnes & Noble, the W Hotel, ABC Kitchen, the Union Square Farmer’s Market and the Gramercy Park Hotel. Union Square is also one of the city’s largest transportation hubs with access to the 4, 5, 6, L, N, Q and R subway lines.

“Springhouse acquired an irreplaceable asset which it plans to maximize the value of through strategic investment,” said Levine. “In order to obtain the financing, Meridian made a market among banks and finance companies and ultimately negotiated a deal that matched the borrower’s business plan with their financing objectives,” he added.