Meridian Capital Group negotiated an $18.4 million loan to refinance the residential cooperative portion of a condop on the Upper West Side, Mortgage Observer has exclusively learned.
Life insurance company Principal Real Estate Investors provided the loan for 150 West End Avenue, Principal Director Rob Dirks confirmed to MO.
The 30-year self-liquidating loan has a fixed-rate of 4.44 percent, the broker and lender confirmed.
A condop is a property where the cooperative corporation owns only the residential portion of a building. Usually a commercial component is owned by another entity.
Meridian Managing Director Steve Geller and Vice President Nicoletta Pagnotta brokered the loan, according to a spokesperson for Meridian.
The 29-story property has 444 residential units and 32 parking spots.
“With a loan amount of $18.4 million, this transaction represents one of the more significant underlying cooperative mortgages that will be financed in 2014,” said Mr. Geller.
The deal had a tiny LTV—only 6 percent—Mr. Geller added.