Rosenblum of Meridian arranges $148.6 million for 21-property portfolio

2585 Grand Concourse - New York, NY

176 East 176th Street - New York, NY

New York, NY Meridian Capital Group arranged $148.6 million in permanent financing for the refinance of a 21-property multifamily portfolio located in the Bronx, on behalf of The Morgan Group.

The five-year loans, provided by a regional balance sheet lender, feature fixed-rates of 3.13% and three years of interest-only payments. These transactions were negotiated by Meridian senior vice president, Moe Rosenblum, who is based in the company’s New York City headquarters.

The properties are located at 230 East 167^th St.; 176 East 176^th St.; 161-165 East 179^th St.; 344 East 209^th St.; 1860 Billingsley Terrace; 2584 Creston Ave.; 1916, 2300, 2585 and 2593 Grand Concourse; 1921 Hobart Ave.; 3136 Perry Ave.; 1210, 1226 and 1240 Sherman Ave.; 1230 Teller Ave.; 600 Trinity Ave.; 1344, 2550 and 2805 University Ave.; and 2432 Webb Ave., which total 1,061 apartment units and 20 retail units.

“Meridian worked closely with the sponsor, lender and third parties to close 19 loans on this large portfolio of 21 properties at a 75% loan-to-value ratio,” said Rosenblum. “The quality of the assets and strength of the borrower enabled Meridian to negotiate a favorable fixed-rate with three years of interest-only payments.”