Manhattan, NY Meridian Capital Group arranged $68 million in financing for the Vitre condominium tower on behalf of Wonderworks Construction and their partners.
The 24-month condo inventory loan is secured by this 48-unit development and was provided by a balance sheet lender and features full-term interest-only payments. This transaction was negotiated by Meridian senior managing directors Morris Betesh and Tamir Kazaz, and vice president, Alex Bailkin.
Located at 302 East 96th St. in the Upper East Side neighborhood, the Vitre condominium tower stands 21 stories tall with a modern glass façade. The property consists of 48 one- to three-bedroom residences with floor-to-ceiling windows, private terraces, and white oak flooring. Community benefits including a residents’ lounge, rooftop deck, concierge service, parking and 24-hour attended lobby. Vitre is located across from the extension of the Q subway line at the 96th St./Second Ave. station.
“It was a pleasure working with Wonderworks, a true premier developer in Manhattan. Their commitment to quality and excellence is evidenced by this world-class development,” said Betesh. “We were able to create a competitive bidding process and match Wonderworks with a lender who appreciates their experience and track record.”
The Upper East Side offers residents proximity to some of New York’s most prominent landmarks, including Central Park and the Guggenheim and Metropolitan Museum of Art along Museum Mile, in addition to restaurants and shops along Madison Ave. The neighborhood is accessible via the 4, 5, 6, F, N, Q, and R subway lines and local bus routes.