Meridian Arranges $43M Loan on Apartment Portfolio
Meridian Capital Group arranged $43.3 million in financing for a five-building multifamily portfolio located throughout Northern Manhattan and the Bronx. The 10-year Fannie Mae loan from Capital One Multifamily Finance features a rate of 2.86% and full-term interest-only payments.
The transaction was negotiated by Merdian’s Allan Lieberman and Asher Haft. The borrower is a New York City-based family specializing in repositioning and increasing value in their properties through hands-on management and leasing.
Located in the Washington Heights neighborhood of Manhattan and various areas in the Bronx, including Fordham Heights, Mott Haven, Wakefield and Castle Hill, the five-property portfolio totals 211 units.
“The most challenging part of this transaction was coordinating the various moving pieces with all associated individuals working remotely, but we were able to Streamline Rate Lock the loan on March 5 and close by the end of the quarter to facilitate payoffs to three different lenders,” said Lieberman.
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