Schmuckler and Pagnotta of Meridian arrange $21 million in financing; Refinance of The Riviera on behalf of Midboro Management

Meridian Capital Group, one of America's most active debt brokers, negotiated a $21 million loan for the refinance of The Riviera, a cooperative property located on Riverside Dr. on behalf of Midboro Management. The 10-year loan, provided by a regional balance sheet lender, features a competitive fixed-rate of 3.35% and interest-only payments for the full term. This transaction was negotiated by Meridian Capital Group senior vice president, Jacob Schmuckler and vice president, Nicoletta Pagnotta, who are both based in the company's New York City headquarters. The 12-story cooperative property, located at 790 Riverside Dr. on the corner of West 157th St., totals 200 units. The Riviera, built in 1911, features numerous amenities including a 24-hour doorman, bike storage room, laundry facilities and a live-in superintendent. "We are seeing cooperatives pursue the balance sheet lending space where we are able to customize prepayment penalties and offer additional flexibility on terms," said Schmuckler. "In this particular transaction, we were astute in timing the market and capitalized on a dip in treasuries to lock in a very favorable rate."