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First Condo on the Block Gets $35M Financing
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Meridian Capital Group recently arranged $35 million in construction financing for a mixed-use property on the Upper East Side on behalf of Adellco LLC. Upon completion, 27 E. 79th St. will be the first condominium building on the block.
The 24-month loan was provided by a balance sheet lender and features interest-only payments, a prime-based floating rate and a one-year extension option. Meridian senior managing director Tal Bar-Or and VP Richard Sutton negotiated the financing for this transaction.
“The financing was complex, but ultimately the vision and professionalism of the sponsor led to a financing solution,” said Bar-Or.
The Cabinet Alberto Pinto-designed project will feature eight two-to five-bedroom residences, including a duplex townhouse with a private garden and a triplex. There will also be a retail space to showcase art or jewelry.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
