NEW YORK CITY—The Torkian Group has secured a $105-million construction loan for the development of a multifamily property on West 33rd Street. Located in Midtown South at 38 W. 33rd St. between Fifth and Sixth avenues, the property will total 42 stories and approximately 220,000 square feet.

The three-year loan, provided by Bank Leumi, features a LIBOR-based floating-rate, interest-only payments for the full term and no prepayment penalty. The transaction was negotiated by Meridian Capital Group‘s Ronnie Levine, senior managing director; and Aggelos Sklavenitis, VP.  

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