NEW YORK CITY—Meridian Capital Group has arranged a $43 million mortgage for Clinton Towers, a three-building multifamily complex with 456 units.
The five-year loan, provided by a regional balance sheet lender, features a competitive fixed-rate of 3.00% and two years of interest-only payments and a five-year extension option. The transaction was negotiated by Meridian SVP Barry Lefkowitz, who is based in the company's Iselin, NJ office.
Clinton Towers includes three 16-story multifamily high-rise towers—totaling 456 units—located at 740 E. 178th St., 750 E. 179th St. and 730 Oakland Pl. in the Bronx.
“Our client acquired the property in 2010 for $36 million. With the evolution of the market, it appraised in 2014 for closed to $60 million, a true indicator of the strength of the multifamily sector in the Bronx,” says Lefkowitz. “Meridian leveraged its long-standing relationship with the lender to procure extremely attractive loan terms, even while interest rates were fluctuating.”
Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Florida and California.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
