State Farm Provides $60M Refi for BLDG’s Yorkville Multifamily Property



Meridian Capital Group has arranged a $60 million loan for BLDG Management’s Yorkville multifamily property, The York, Commercial Observer can first report.

SEE ALSO: Principal Real Estate Investors Provides $65M Refi for UES Multifamily Property

State Farm Realty Mortgage provided the 10-year loan, which has a fixed rate of 3.73 percent and full-term, interest-only payments. The new loan refinances a loan made by Sovereign Bank in June 2010.

Meridian’s Carol Shelby negotiated the deal.

The transaction comes hot on the heels of a $65 million refinancing of The Blake, BLDG’s multifamily property located at 220 East 63rd Street between Second and Third Avenues on the Upper East Side of Manhattan. A life company—Principal Real Estate Investors—also provided that loan, and Meridian arranged the debt.

“This is the second refinance that we’ve negotiated for BLDG Management in less than a month and we are very familiar with their business plans, which have proven to be successful in the market,” Shelby said.

The York is a 13-story, 233-unit multifamily building located at 435 East 79th Street with three ground-floor retail spaces, and a parking garage. The property’s amenities include a 24-hour doorman, a concierge, and a fitness center.

“The York’s desirable location and various amenities attracts a wide range of home seekers, and given the client’s impressive portfolio and reputation, we were able to achieve a favorable structure and full-term interest-only payments,” Shelby added.

A spokeswoman for State Farm declined to comment. Officials at BLDG could not immediately be reached for comment.