NEW YORK CITY-Stonehenge Partners and two Montreal-based investors have received $402 million in financing for nine properties in New York City. Meridian Capital Group negotiated the financing on behalf of Stonehenge, Ivanhoe Cambridge Residential and Public Sector Pension Investment Board.
Meridian managing director Abe Hirsch and CEO Ralph Herzka negotiated the transaction. The properties include 1,400 multifamily units, 85,000 square feet of office space, 181,000 square feet of retail space and 94,000 square feet of parking, according to a press release announcing the deal. They are spread through prime areas, such as Midtown East, Midtown West, the Upper East Side, the Upper West Side and the West Village.
“Meridian has enjoyed a long and deep relationship with Stonehenge and we are very proud to have advised them on this monumental refinancing,” Herzka said in a prepared statement. “I believe Stonehenge very astutely refinanced a significant portion of its portfolio at a time when lenders are competing fiercely to finance top-quality assets.”
In the same news release, Ofer Yardeni, Stonhenge managing partner and co-founder said that the financing package allowed Stonehenge to meet its “long-term objectives.” Calls to Stonehenge seeking comment were not returned in time for publication, but according to the company’s website, it “targets under-managed, under-valued and off-market transactions where opportunities exist to create value through a more proactive management approach.”
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