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Sugar Hill Buys Six Building Multifamily Complex

NEW YORK CITY—Acquisition financing for the Upper West Side deal was arranged by Meridian Capital Group.

By John Jordan | johnjordan | | Updated on March 21, 2016
471-476 Central Park West, New York City Meridian Capital Group has arranged nearly $47 million in financing for the buyer of 471-476 Central Park West.
NEW YORK CITY— Sugar Hill Capital Partners has increased its multifamily portfolio with the purchase of six contiguous properties on Central Park West. Meridian Capital Group has arranged nearly $47 million in acquisition financing for the buyer of 471-476 Central Park West , which contains a total of 125 residential units. The three-year loan was provided by a mortgage REIT and features a LIBOR-based floating-rate and interest-only payments for the full term. The transaction was negotiated by Meridian senior managing director Ronnie Levine and VP Shamir Seidman , who are both based in the brokerage firm’s headquarters here. “These buildings were a tremendous opportunity for our clients to acquire prime Central Park West rental properties,” says Meridian Capital Group’s Seidman. “Despite the assets having a number of vacancies and some deferred maintenance, Meridian was able to make a market for the loan and negotiate proceeds in excess of 70% loan-to-cost.” In June of last year, Sugar Hill Capital Partners purchased a multifamily building at 385 Union Ave. in Williamsbridge, Brooklyn for approximately $37 million in a deal arranged by Madison Realty Capital . Several months earlier, Sugar Hill Capital sold a 47-unit mixed-use building at 3621 Broadway in the Hamilton Heights section of Manhattan for more than $25 million.

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