Meridian Arranges $149M Bronx Portfolio Financing
Danielle Balbi April 22, 2016, 2:29 p.m.
New York Community Bank provided a total of $148.6 million in financing through 19 loans for a 21-property multifamily portfolio in the Bronx, Commercial Observer has learned.
Meridian Capital Group brokered the debt on behalf of the borrower, the Morgan Group. The loans carry five-year terms with fixed-rates of 3.125 percent and three years of interest-only payments, NYCB confirmed.
The Greenwich, Conn.-based borrower is using the funds to refinance the portfolio, which has a total of 1,061 apartments and 20 retail units.
Moe Rosenblum, a senior vice president at Meridian, worked on the deal. “[We] worked closely with the sponsor, lender and third parties to close 19 loans on this large portfolio of 21 properties at a 75 percent loan-to-value ratio,” he said in prepared remarks provided to CO. “The quality of the assets and strength of the borrower enabled Meridian to negotiate a favorable fixed rate with three years of interest-only payments.”
The properties are located throughout the Bronx at 230 East 167th Street; 176 East 176th Street; 161-165 East 179th Street; 344 East 209th Street; 1860 Billingsley Terrace; 2584 Creston Avenue; 1916, 2300, 2585 and 2593 Grand Concourse; 1921 Hobart Avenue; 3136 Perry Avenue; 1210, 1226 and 1240 Sherman; 1230 Avenue; 600 Trinity Avenue; 1344, 2550 and 2805 University Avenue; and 2432 Webb Avenue.
A representative for the Morgan Group did not respond to a request for comment.