Jay Group Lands $83M Loan for Hamilton Heights Multifamily Property

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Jay Group has closed $83 million in construction financing for 620 West 153rd Street, a soon-to-be 238-unit multifamily development in Hamilton Heights, Commercial Observer can first report. 

Meridian Capital Group arranged the three-year floating-rate debt, which includes a senior loan from Bank Hapoalim (BHI) and a mezzanine loan from New York City-based debt fund Be Aviv. Meridian’s Morris Betesh, Omar Ferreira and Dov Jeremias led the deal. 

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The 28-story project, designed by J Frankl Architects, will offer residents unobstructed views of the Hudson River. Seventy percent of its units will be free-market, with the remaining 30 percent being designated as affordable at 130 percent of the area median income.

“We welcome the opportunity to partner with Meridian again on this special transaction for the Jay Group,” said Ilana Druyan, a first vice president of international real estate for BHI. “We are confident that the collaborative effort between BHI and our lending partner Be Aviv will result in an exceptional multifamily residential project. We anticipate that this will be a highly sought-after development in the Hamilton Heights neighborhood.” 

Betesh said: “We are pleased to have arranged the financing for this exciting development, which will result in the delivery of 238 well-amenitized multifamily units to the upper Manhattan submarket. The $83 million financing features an efficient capital structure with a senior and mezzanine component. This project is exemplary of the types of developments Jay Group choses and is a continuation of its strong track record of delivering high-quality multifamily projects across the New York City area. We look forward to the success of the project.”  

This is the second deal this month for Brooklyn-based Jay Group. A week ago, the firm closed on its $40 million acquisition of 101 Fleet Place in Downtown Brooklyn from Leser Group, as first reported by CO. 

Jay Group officials couldn’t immediately be reached for comment. 

Cathy Cunningham can be reached at: ccunningham@commercialobserver.com.