The fixed-rate loan has a term of 10 years with 10 years interest-only. The transaction was originated by Meridian Capital Group, LLC and was financed by Beech Street Capital as part of its correspondent relationship with Meridian. The Meridian team consisted of Moshe Majeski and Chaim Tessler.
Consisting of 615 units in mid-rise buildings, the properties are located in six premium Manhattan neighborhoods.
“This transaction is the latest example of Beech Street’s ability to take on large deals and to turn them around quickly and efficiently,” says Grace Huebscher, president and CEO of Beech Street Capital.
Prudential Douglas Elliman completes biggest condo sale ever in NYC
New York–Prudential Douglas Elliman closed on the sale of a $48 million condominium at The Plaza, which sets a record for the highest single condo sale in New York City. Lisa Simonsen, senior vice president at Prudential Douglas Elliman, represented both sides in the deal.
The 6,000 square-foot property provides magnificent views of both Central Park and Fifth Avenue. Multiple units were combined and renovated to create the 12th-floor condo, which includes 5 bedrooms. The sale was completed within a matter of weeks.