NEW YORK CITY—Meridian Capital Group negotiated a $592 million loan for Blackstone Real Estate Partners VIII and Fairstead Capital's purchase earlier this month of 24 multifamily properties located throughout the city.
The five-year loan, provided by a balance sheet lender, features a LIBOR-based floating-rate and interest-only payments for the full term. The transaction was negotiated by senior managing director Drew Anderman, who is based in the company's New York City headquarters.
The portfolio totals 979 units with properties located throughout the Upper East Side, Chelsea, Midtown West, Midtown South and Murray Hill neighborhoods of Manhattan.
“I want to thank Drew Anderman and his team at Meridian Capital for their hard work and creativity in securing the financing for this acquisition, which we believe is one of the larger purchases of multifamily assets in New York City this year,” says Will Blodgett, principal of Fairstead.
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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.
