New York & Tri-State + Uptown/Bronx + Finance | January 23, 2019

Meridian Lines Up Inventory Loan for Yorkville Condo Build

Meridian Capital Group has arranged $68 million in financing for the recently-completed Vitre condominium tower on behalf of Wonderworks Construction and its partners. The 21-story project at 302 E. 96th St. in Yorkville is directly across from the extended Q subway line’s new 96th Street station.

The 24-month condo inventory loan is secured by the 48-unit development, and was provided by a balance sheet lender and features full-term interest-only payments. This transaction was negotiated by Meridian senior managing directors Morris Betesh and Tamir Kazaz, and VP Alex Bailkin.

“It was a pleasure working with Wonderworks, a true premier developer in Manhattan,” said Betesh. “Their commitment to quality and excellence is evidenced by this world-class development. We were able to create a competitive bidding process and match Wonderworks with a lender who appreciates their experience and track record.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).