Levine and Berkes of Meridian arranges $25 million acquisition financing; $7 million by Geffen and Flax of Meridian, $4.5m by Meridian's Gorbacz

118 East 93rd Street - Manhattan, NY

New York, NY According to Meridian Capital Group, the firm has completed the following transactions:

• Arranged $25 million in acquisition financing for the purchase and renovation of a prime Upper East Side multifamily property, on behalf of CREST Realties. This transaction was negotiated by Meridian senior managing director, Ronnie Levine, and managing director, Jeff Berkes. The nine-story, 38-unit prewar property is located at 118 East 93^rd St., between Park and Lexington Aves. 

Residents enjoy close proximity to the 6 subway line, numerous bus routes, and the 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, Central Park and the shopping mecca of Madison Avenue.

Meridian Capital Group" width="125" height="160" /> Ronnie Levine, Meridian Capital Group

“The loan closed under a tight time-of-essence deadline and provided for the initial acquisition financing as well as a future funding component for capital expenditures to be undertaken at the property,” said Levine.

• Arranged $7 million in permanent financing for the purchase of a warehouse located in Astoria, Queens. The one-year acquisition loan, provided by a local balance sheet lender, features full-term interest-only payments. This transaction was negotiated by Meridian associate, Bryan Geffen and managing director, Brian Flax. The single-story, 10,000 s/f warehouse is located at 19-79 Steinway St. and covers the entire lot.

The property offers easy access to New York City’s major distribution channels, which include the Pulaski Bridge, Grand Central Parkway, Long Island Expressway, Midtown Tunnel and the Brooklyn Queens Expressway. It is also close to the N and Q subway lines.

“Because of  Meridian’s strong relationship with the lender, we were able to negotiate a custom acquisition loan to provide financing for one hundred percent of the purchase price, secure interest-only payments and include flexible release provisions,” said Geffen.

• Arranged $4.5 million in permanent financing for the refinance of two mixed-use properties located in the Bronx. The five-year loan features a competitive fixed rate of 3.13% with full-term interest-only payments. This transaction was negotiated by Meridian associate, Avi Gorbacz. 1880 Walton Ave. and 2391 Washington Ave. are both five-story mixed-use properties. 1880 Walton Ave. is a 40-unit property and 2391 Washington Ave. is comprised of 26 units.

Both pre-war buildings are in walkable areas and permit easy access to stores and public transportation. 1880 Walton Ave. is close to the 4 express subway line at 176th Street and 2391 Washington Avenue is a short walk from the 4, B and D subway lines, as well as the Fordham Metro-North Station.

“Getting a full-term interest-only loan is a challenge in this market environment,” said Gorbacz. “However, Meridian’s unique lender relationships made it possible for us to secure an interest-only loan for the full five-year term with a favorable rate for a strong sponsor.”