Meridian Brokers Fannie Mae Loan for East Village Property


Meridian Capital Group negotiated a $62.7 million Fannie Mae (FNMA) loan to New York-based Kahen Properties to refinance The Adele, a luxury multifamily property in the East Village, Mortgage Observer has learned.

The 12-year loan, provided by PNC Real Estate, carries a fixed rate of 3.75 percent and 10 years of interest-only payments, followed by a 30-year amortization, according to the broker. A PNC representative was unable to confirm the financing.

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The Adele.
The Adele.

The 12-story property, located at 310 East 2nd Street, contains 105 market-rate units, 30 affordable units and 10,000 square feet of retail space occupied by a Duane Reade.

Available market-rate apartments in the building range from $4,594 a month for a three-bedroom unit and $3,750 a month for a one-bedroom unit, according to data from StreetEasy.

The property, formerly known as Alphabet Plaza, features a 24-hour doorman, valet service and a furnished rooftop terrace. The property was not renamed after the British pop sensation Adele, a Kahen Properties representative confirmed.

“Meridian arranged the construction loan for The Adele in June 2013 and was able to leverage our familiarity with the asset and the strength of the sponsorship to quickly negotiate a highly accretive agency execution that allowed the sponsor to capitalize on the value created in the development,” said Meridian Vice President Charles Grussgott, who negotiated the loan.