Weinstock and Fakovits of Meridian arrange $35m permanent financing; placed on behalf of Woods Management

New York, NY Meridian Capital Group arranged $35 million in permanent financing for a multifamily property in New York, NY on behalf of Woods Management.

The 10-year loan, provided by a local balance sheet lender, features a competitive fixed-rate of 3.58% and interest-only payments for the full term. This transaction was negotiated by Meridian executive vice president, Avi Weinstock, and vice president, Michael Farkovits.

The multifamily property, located at 200 East 15th St. in the Gramercy Park neighborhood of Manhattan, totals 213 residential units and 11,900 s/f of commercial space. The post-war mid-rise building is situated at the corner of Third Ave. and Rutherford Pl. and has a doorman and laundry facilities. The neighborhood has a variety of bars and restaurants and offers access to the L train at Third Ave. and East 14^th St.

“Meridian leveraged the long-time family ownership of the property to quickly underwrite the loan and capitalize on market fluctuations to negotiate long-term financing on behalf of the client,” said Weinstock.

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.