Levine and Sklavenitis of Meridian finance $105 million construction loan; multifamily development of 38 West 33rd Street on behalf of The Torkian Group

New York, NY Meridian Capital Group, one of America’s most active debt brokers, negotiated a $105 million construction loan for the development of a multifamily property located on West 33rd St. on behalf of The Torkian Group. The three-year loan, provided by Bank Leumi, features a LIBOR-based floating-rate, interest-only payments for the full term and no prepayment penalty. This transaction was negotiated by senior managing director, Ronnie Levine, and vice president, Aggelos Sklavenitis, who are both based in the company’s New York City headquarters. The multifamily project is located at 38 West 33rd St. and will total 42 stories and 220,000 s/f. “Meridian is very pleased to have advised the Torkian Group, a leading value-added commercial property investor, on this important financing,” said Levine. “By leveraging our strong lending relationships, Meridian was able to secure construction financing from a balance sheet lender, facilitating the development of a class A residential rental asset in the heart of Manhattan,” he added.