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Midtown MF Scores $151M Financing

NEW YORK CITY-Meridian Capitol and Walker & Dunlop arranged the financing through Freddie Mac for Stonehenge Management's Ritz Plaza at 235 W. 48th St.

By Paul Bubny | Updated on July 31, 2009

NEW YORK CITY-The Ritz Plaza, a 43-story residential tower at 235 W. 48th St. in Manhattan, is getting $151 million in financing through Freddie Mac. One of the largest multifamily financings so far this year, it was arranged by Meridian Capital Group and Walker & Dunlop.

According to a release, which did not specify the purpose of the financing, the 10-year fixed rate loan has an interest rate of 5.34% and features two years of interest only payments. “The timing of the rate lock was precise,” says Abe Hirsch, VP at Meridian, in a release. He adds that the borrower, Stonehenge Management, “was able to take full advantage of an extreme single-­day drop in treasury yields to achieve such an attractive fixed rate.” Hirsch and Meridian president Ralph Herzka were unavailable for comment Friday afternoon.

The loan was placed with Freddie Mac via the New York office of Walker & Dunlop. Herzka and Hirsch of Meridian worked in cooperation with Walker & Dunlop SVP Drew Anderman and the Freddie Mac team at Walker & Dunlop to assure that Stonehenge received the best execution for a loan of this size, despite current market volatilities, the release states. Calls to Walker & Dunlop were not returned by deadline.

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