NEW YORK CITY–Meridian Capital Group, LLC reports it negotiated $27.5 million in acquisition financing on behalf of Azure Partners, LLC for the purchase of a 1749 Grand Concourse in the Bronx.
The 13-story mixed-use property contains 273 apartments. The seven-year loan features a fixed-rate of 3.15%, two years of interest-only payments and was provided by a national balance sheet lender.
Meridian Capital Group Managing Director Moshe Majeski originated the transaction and Managing Director, Abe Hirsch and Senior Vice President, Zev Karpel negotiated the financing.
“Meridian was successful in obtaining financing for nearly 80% of the purchase price in a structure where the additional proceeds over 75% loan-to-cost will be available for capital improvements,” says Majeski.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
