Bar-Or and Sutton of Meridian Capital Group arrange $35 million in construction financing on behalf of Adellco, LLC

 

 

Manhattan, NY Meridian Capital Group arranged $35 million in construction financing for a mixed-use property on the Upper East Side on behalf of Adellco, LLC.

The 24-month loan, provided by a balance sheet lender, features interest-only payments, a prime-based floating rate, and a one-year extension option. Meridian senior managing director, Tal Bar-Or, and vice president, Richard Sutton negotiated the financing for this transaction.

Upon completion, 27 East 79th St. will be one of the first condominium buildings on the block. The Cabinet Alberto Pinto-designed project will feature eight two- to five-bedroom residences, including a duplex townhouse with a private garden and a triplex penthouse. There will also be a retail space. The building’s limestone façade will feature custom ornate ironwork along with a glass-domed marquee, reminiscent of a Parisian private residence. The interiors will be adorned with parquet de Versailles flooring, custom moldings, and oversized windows. Epicurean kitchens will be appointed with French La Cornue ranges, Miele appliances, and custom Cabinet Alberto Pinto millwork throughout.

“We are pleased to have worked with Adellco, LLC in bringing this project to fruition,” said Bar-Or. “The financing was complex but ultimately the vision and professionalism of the sponsor led to a financing solution.”