Manhattan Condop Gets $18M Refi



150 West End Avenue
150 West End Avenue

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.

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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.