BLDG Taps Meridian to Arrange $39M in Debt for Queens Resi Tower
Santander provided Lloyd Goldman’s BLDG Management $39 million in permanent debt to refinance a 240-unit rental building in the Little Neck neighborhood of Queens, a source has informed Commercial Observer.
The five-year mortgage, which closed last week, replaces a $40 million loan that Sovereign Bank provided BLDG for the purchase of the property in May 2011. The Manhattan-based firm paid $57.8 million for Monte Excelsior at the time, city records indicate.
Meridian Capital Group’s Aaron Birnbaum, Carol Shelby and Dani Sabesan—all of the brokerage’s New York City office—worked on the deal, which carries a fixed rate of 3.06 percent.
The multifamily property at 245-10/30 Grand Central Parkway is comprised of three six-story elevator buildings. The housing complex has a 24-hour doorman, as well as an outdoor swimming pool and laundry facilities for residents.
A few months back, Mr. Goldman’s firm—which was founded by his uncle, the late Sol Goldman—refinanced another rental property, The One, a 35-story tower in Jersey City, as CO reported. Meridian served as the broker on that transaction as well, arranging $165 million financing from Cornerstone Insurance & Financial Services.
A spokeswoman for Santander did not respond to a request for comment. A representative for BLDG did not return a call for comment.