TODAY’S DEALS: Meridian Capital Arranges $65M in First Mortgage Loan for Refi of 578-Unit Affordable Housing Community, and Other Transactions
- Jan 16, 2009
By Anuradha Kher, Online News EditorNew York–Meridian Capital Group has arranged $65 million in a first mortgage loan for the refinance of Knickerbocker Plaza (pictured) located at Second Avenue & East 90th St. in New York City. The 578-unit building is in the process of opting out of the Mitchell-Lama Program. Developed and built in 1975 by The DeMatteis Organizations, the property includes parking, retail, and office space, including a bank, and a pharmacy. Meridian’s negotiated a five-year loan term with a local lender, enabling the borrower to benefit from a favorably low interest rate and a very appealing extension option. Hendricks & Partners Arranges Sale of 261-Unit Rental Property for $19MNorth Olmsted, Ohio–Hendricks & Partners recently arranged the sale of Madison at Butternut Ridge, located at 5800 Great Northern Blvd. in North Olmsted, Ohio. The 261-unit apartment community was sold for $19 million.Madison at Butternut Ridge, located in North Olmsted, Ohio was constructed in 1992. It features 102 one-bedroom/one-bath units, 119 two-bedroom/two-bath units and 40 three-bedroom/two-bath units. Units feature fully-equipped kitchens, washer/dryer hookups or washer/dryer-in-units, cable television/Internet-ready connections, air conditioning, ceiling fans, vaulted ceilings and walk-in-closets. Optional features (in select units), include fireplaces, sun rooms, built-in bookshelves, garden tubs and views. The buyer was JVM Butternut Apartments LLC of Oak Brook, Ill., which plans to invest over $1 million in exterior improvements. PNC ARCS Provides Over $3M for 48-Unit Rental Property Van Nuys, Calif.–PNC ARCS has arranged a loan in the amount of $3.75 million for the Sylvan Gardens, a 48-unit multifamily property in Van Nuys, Calif. Built between 1947 and 1953, Sylvan Gardens is a garden-style complex consisting of six buildings, constructed over a six-year period. Amenities include a swimming pool and three laundry room facilities.The loan was for a 10-year term/30-year amortization at a fixed rate of 6.045 percent.