Hirsch, Karpel and Friend of Meridian Capital arrange $737 million for acquisition of The Putnam Portfolio

Meridian Capital Group arranged $737 million in acquisition financing for the purchase of The Putnam Portfolio, a six-property multifamily portfolio, by Brookfield Property Partners along with operating partner Urban American. To obtain the level of proceeds required for the acquisition, the debt was sourced between New York Community Bank and Bank of China in six separate mortgages. This transaction was negotiated by Meridian senior managing director, Abe Hirsch, managing director, Zev Karpel and vice president, Akiva Friend, who are all based in the company's NYC headquarters. New York Community Bank and Bank of China won this financing opportunity, despite substantial liquidity for multifamily assets in the city and broad competition for this credit, by leveraging their ability to advance a loan of this size with exceptional creativity and efficiency. The Putnam Portfolio is composed of six properties totaling 24 buildings and 3,962 units. These assets include: 3333 Broadway, which features 1,193 apartments, three commercial units and 380 parking spaces; Roosevelt Landings at 510-580 Main St., on Roosevelt Island, which features 1,003 apartments; River Crossing at 1940 First Ave. which features 761 apartments, 11 commercial spaces and 271 parking spaces; The Heritage at 1295-1309 Fifth Ave. which features 600 apartments, three commercial units and 160 parking spaces and a development site; The Miles at 1990 Lexington Ave. which features 341 apartments, three commercial units and 21 parking spaces; and The Parker at 1890 Lexington Ave. which features 64 apartments and 18 parking spaces. The partners have planned a significant renovation program for these assets that follows a large capital improvement project undertaken by the former ownership. Urban American retained an interest in the assets and remains as day-to-day property manager. "In order to execute a financing assignment of this magnitude for a premier portfolio, Meridian worked closely with the exceptional sponsor as well as the thoughtful and creative teams at New York Community Bank and Bank of China to manage the approval process across several city agencies," said Mr. Hirsch. "The success of this transaction not only lies in the strength and ability of the sponsorship to execute their value-add business plan, but also in the tremendous effort and teamwork of all those involved on the lending side," he said.