Meridian Capital Group Arranges $65 Million for the Refinance of The Blake Multifamily Property on the Upper East Side of Manhattan
Meridian Capital Group, America’s most active dealmaker, arranged $65 million in financing for the refinance of The Blake luxury multifamily property located on the Upper East Side of Manhattan, on behalf of BLDG Management.
The 10-year loan, provided by a national life insurance company, features a fixed rate of 4.24% and seven years of interest-only payments. This transaction was negotiated by Meridian Managing Director, Carol Shelby, who is based in the company’s New York City headquarters.
The Blake, located at 220 East 63rd Street, is a 14-story, 181-unit luxury rental apartment building. Each one-, two-, and three-bedroom apartment features spacious rooms with a modern design and luxurious finishes, including custom-designed gourmet kitchens with stainless steel appliances and contemporary bathrooms. Building and neighborhood amenities include a 24-hour doorman, valet services, a lounge, a fitness center, on-site parking, and a subway station a block away. Set in one of New York’s premier neighborhoods, the property is in walking distance to Central Park, Lenox Hill Hospital, as well as New York’s most sought-after retail and culinary destinations along Park Avenue, Madison Avenue, Fifth Avenue and Third Avenue.
“Located in a primarily residential and retail area, The Blake is an outstanding property that offers a variety of luxury amenities and is highly desirable to home seekers of all ages,” said Mrs. Shelby. “Understanding our clients long-term hold plan and how their exceptional reputation is regarded in the market, we approached life companies to achieve the optimal balance of pricing, term and interest-only payments.”
Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2016, Meridian closed $35 billion in loan volume and sold over $2 billion in commercial properties. Since inception, the company has closed more than $270 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com