Meridian Capital Arranges $250M in Refinancing for New York Property
- Nov 25, 2013
New York—Meridian Capital Group LLC negotiated a $250 million mortgage for the refinancing of the Aire multifamily property located on West 67th Street in New York on behalf of 150 Amsterdam Avenue Holdings LLC.
The 10-year CMBS loan features a competitive fixed-rate of 5 percent and was provided by a national conduit lender. This transaction was negotiated by Meridian Capital Group Managing Director Aaron Appel, Executive Vice President Jeffrey Weinberg and Vice President Michael Diaz, who are all based in the company’s New York City headquarters. 150 Amsterdam Avenue Holdings LLC was represented by Kasowitz, Benson, Torres & Friedman LLP.
The Aire, located at 200 West 67th Street on the Upper West Side, is a 43-story, 310-unit multifamily property featuring numerous amenities including a private courtyard, an indoor children’s playroom and outdoor play area, an event deck, fitness center, conference room, on-site parking and a private park.
“The Aire is a true trophy asset situated in the heart of the Upper West Side of Manhattan. This financing enables the client to focus on maintaining the quality of the property while protecting the asset from long term interest rate risk,” says Appel. “Meridian leveraged its active relationship with the lender to provide financing that gives the asset long-term cash flow stability and allows the client to execute their business plan,” he adds.
Roseland acquires luxury N.J. apartment for $46.5M
Rahway, N.J.—Roseland Property Co., a wholly owned subsidy of Mack-Cali Realty Corp., has acquired Park Square, a 159-unit luxury community located in Rahway, N.J. The firm picked up the property from Landmark Cos. in a $46.5 million transaction arranged by HFF.
Park Square was completed in two phases between 2009 and 2011, and is located two blocks from the Rahway transit station that offers quick access to midtown Manhattan. The 94-percent leased community has units that average 1,176-square-feet in size. Amenities include two fitness centers, a community room with Wi-Fi, an outdoor lounge, billiards room and covered parking.
“In Mack-Cali/Roseland’s first apartment purchase in New Jersey since their merger, they did an outstanding job of working through some items that arose during the process and solving them efficiently and effectively,” says Kevin O’Hearn of HFF. “Their investment in Rahway is a tremendous endorsement for the town and its growing downtown Arts District, as well as a testament to the high-quality property developed by Landmark.”
O’Hearn worked along side Jose Cruz and Michael Oliver from HFF’s New Jersey Office, as well as Andrew Scandalios and Jeff Julien from HFF’s New York City office.
IPA arranges 1,176-unit sale in suburban Philly
King of Prussia, Pa.—Institutional Property Advisors recently closed the sale of a 1,1,76-unit portfolio in suburban Philadelphia. The deal was highlighted by the sale of The Marquis, a 641-unit apartment community in King of Prussia that sold for $68 million.
IPA executive directors Steve Witten and Victor Nolletti, along with Marcus & Millichap vice president investments Mark Thomson and senior associate Zachary Pierce, represented the principals in the transactions. In the sale of The Marquis, Candlebrook Marquis Property Owner LLC purchased the property from Marquis Associates LLP.
“This portfolio provided investors with a once-in-a-generation opportunity to acquire underperforming assets in exceptional locations,” says Nolletti.