1439 Second Avenue, Upper East Side - Manhattan, NYManhattan, NY Meridian Capital Group has arranged $4.2 million in permanent financing for the refinance of a mixed-use property located on the Upper East Side neighborhood.
David Oheb, Meridian Capital GroupThe seven-year loan, provided by a national balance sheet lender, features a competitive fixed rate of 3.5%. This transaction was negotiated by Meridian associates, David Oheb and Michael Neumann, who are both based in the company’s New York City headquarters.
The four-story property, located at 1439 Second Ave., consists of five residential units and one commercial unit. The commercial tenant is Baraonda Restaurant, an upscale European-style Italian restaurant, famous for its wine list that carries 200 award-winning wines.
Situated on the southwest corner of Second Ave. and East 75th St., the property is conveniently located in the heart of the Upper East Side, surrounded by restaurants and retailers. The 77th St. subway station is just a few blocks north, connecting tenants to the 6 subway line.
Michael Neumann, Meridian Capital Group“Given that this was a low leverage loan request, we were able to drive down the rate through lender competition and provide a bespoke loan structure that was tailored to our client’s business plan,”said Oheb.
“Our client was thrilled with our execution and recognized the value that we added given that they have their own direct banking relationships and have historically not used a mortgage broker,” said Neumann.