NEW YORK CITY—Reads Ventures has acquired $37 million in permanent financing for a portfolio of five retail condominium properties around Manhattan.
The seven-year financing package was provided by a regional balance sheet lender and features a rate of 3.50%. The transaction was negotiated by Meridian Capital Group VP Joseph Taub.
The properties, which total 28,000 square feet of on-grade retail space, are primarily located on the Upper West Side at 311 Amsterdam Ave., 203 W. 90th St., 2681 Broadway and 215 West 90th St. with one property located on the Upper East Side at 1828 Second Ave.
"Meridian was able to structure around short-term lease roll at the properties and negotiate a favorable interest rate for the seven-year term, providing the sponsorship with flexibility to address lease expiries while fixing their debt service payments," says Taub.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
