First Republic Bank Provides $32M in Financing for Gaia’s Luxury Condo Units Purchase
By Cathy Cunningham October 4, 2018 6:22 pm
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Gaia Real Estate secured $31.5 million in financing for its $53 million acquisition of 90 condominium units at Bridge Tower Place from The Brodsky Organization, Commercial Observer has learned.
First Republic Bank provided the five-year condo inventory loan, sources close to the transaction told CO. Officials at the bank declined to comment.
The Real Deal first reported news of the sale.
Meridian Capital Group’s Ronnie Levine and Thomas Wayda arranged the financing.
“It was a pleasure working with Gaia on this acquisition. The loan that we secured provides them with the flexibility they need to maximize the value of the asset while being insulated from near-term increases in interest rates,” Levine said in prepared remarks.
Bridge Tower Place consists of 218 units in total, of which Gaia purchased 90. The 38-story property overlooks the East River; all of its apartments feature floor-to-ceiling windows with river and city views, and some include terraces. Building amenities include a fitness center, a roof deck, a full-service garage, a bike room, and a children’s playroom.
“The Meridian team delivered exactly the financing we were seeking for this asset,” said Danny Fishman of GAIA Real Estate. “It was a pleasure working with them once again.
