Meridian Lands $139M Loan for Upscale Manhattan Project

Luxury residential developer Anbau will use the financing to build a two-tower, 48-unit condo property in the Flatiron District.
39 West 23rd Street. Rendering courtesy of Meridian Capital Group

Meridian Capital Group has arranged a $138.6 million ground-up construction loan for a 48-unit luxury condo property in Manhattan’s Flatiron District on behalf of developer Anbau. Located at 39 W. 23rd St., the dual-tower project will deliver 117,000 gross square feet on a site that borders two streets.

The project features a 24-story tower on West 23rd Street and a smaller 10-floor tower on West 24th Street, as well as one retail unit. Anbau broke ground on the development last October.

Meridian executives Adam Hakim, James Murad and Andrew Iadeluca negotiated the loan transaction, which includes $96 million of senior financing provided by a balance sheet lender and $42.6 million of mezzanine financing originated through a Wall Street bank.

“The unique block-through site, along with an ideal location just west of Madison Square Park, will position this property to be one of the most sought-after condominium buildings in the Flatiron District,” Hakim commented in a prepared statement.

Growing luxury portfolio

Anbau focuses on developing high-end condos in New York City. The company run by husband-and-wife team Stephen Glascock and Barbara van Beuren is currently selling units in its 13-story luxury condo building at 207 W. 79th St., which was completed in 2017.

Meridian Capital Group closed over $37 billion in financing last year, including a $115 million cash-out refinance for a 302-unit community being developed Hampshire Properties in Brooklyn. Last month Meridian arranged a $52 million refinancing deal for a 227-unit luxury multifamily property in Aberdeen, N.J.