NEW YORK CITY—CREST Realties has secured acquisition financing for the purchase and renovation of an Upper East Side multifamily property. The nine-story, 38-unit prewar property is located at 118 E. 93rd St., between Park and Lexington Avenues.
The transaction, which gives the buyer $25 million, was negotiated by Meridian Capital Group's senior managing director Ronnie Levine and managing director Jeff Berkes, who both are based here in the company's headquarters. Meridian declined to reveal the seller but an industry data source lists the entity as Lazar Gazivoda.
Residents are in close proximity to the 6 subway line, numerous bus routes, and the location affords quick access to restaurants, exclusive private and public schools and global cultural institutions such as the Metropolitan Museum of Art and the Guggenheim Museum, Central Park and the shopping mecca of Madison Avenue.
“The loan closed under a tight time-of-essence deadline and provided for the initial acquisition financing as well as a future funding component for capital expenditures to be undertaken at the property,” says Levine.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
The transaction, which gives the buyer $25 million, was negotiated by Meridian Capital Group's senior managing director Ronnie Levine and managing director Jeff Berkes, who both are based here in the company's headquarters. Meridian declined to reveal the seller but an industry data source lists the entity as Lazar Gazivoda.
Residents are in close proximity to the 6 subway line, numerous bus routes, and the location affords quick access to restaurants, exclusive private and public schools and global cultural institutions such as the Metropolitan Museum of Art and the Guggenheim Museum, Central Park and the shopping mecca of Madison Avenue.
“The loan closed under a tight time-of-essence deadline and provided for the initial acquisition financing as well as a future funding component for capital expenditures to be undertaken at the property,” says Levine.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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