NEW YORK CITY—The Torkian Group has secured a $105-million construction loan for the development of a multifamily property on West 33rd Street. Located in Midtown South at 38 W. 33rd St. between Fifth and Sixth avenues, the property will total 42 stories and approximately 220,000 square feet.
The three-year loan, provided by Bank Leumi, features a LIBOR-based floating-rate, interest-only payments for the full term and no prepayment penalty. The transaction was negotiated by Meridian Capital Group's Ronnie Levine, senior managing director; and Aggelos Sklavenitis, VP.
“Meridian is very pleased to have advised the Torkian Group, a leading value-add commercial property investor, on this important financing,” says Levine. “By leveraging our strong lending relationships, Meridian was able to secure construction financing from a balance sheet lender, facilitating the development of a class A residential rental asset in the heart of Manhattan.”
Founded in 1992, the Torkian Group operates properties in the multifamily and hospitality sectors. One of those multifamily assets, at 488 Seventh Ave., is a conversion of the former York Hotel.
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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.
