New York, NY Meridian Capital Group has arranged $46.5 million in acquisition financing for the purchase of six contiguous multifamily properties totaling 125 units on behalf of Sugar Hill Capital Partners.
471-476 Central Park West - New York, NYThe three-year loan, provided by a mortgage REIT, features a LIBOR-based floating-rate and interest-only payments for the full term. This transaction was negotiated by Meridian senior managing director, Ronnie Levine, and vice president, Shamir Seidman, who are both based in the company’s New York City headquarters.
The six contiguous semi-vacant multifamily properties total 125 units and are located at 471-476 Central Park West.
“These buildings were a tremendous opportunity for our clients to acquire prime Central Park West rental properties,” said Seidman. “Despite the assets having a number of vacancies and some deferred maintenance, Meridian was able to make a market for the loan and negotiate proceeds in excess of 70% loan-to-cost.”
Founded in 1991, Meridian Capital Group is America’s most active debt broker and one of the nation’s leading commercial real estate finance advisory firms. In 2015,Meridian closed over 3,900 loans totaling more than $35 billion in transaction volume with 210 unique lenders, equating to $135 million per business day. Since inception, the company has closed more than $240 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian arranges financing for many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Florida and California. www.meridiancapital.com
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