NEW YORK CITY—The Torkian Group has secured a$105-million construction loan for the development of a multifamilyproperty on West 33rd Street. Located in Midtown South at 38W. 33rd St. between Fifth and Sixth avenues, the property willtotal 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 forthe full term and no prepayment penalty. The transaction wasnegotiated by Meridian Capital Group'sRonnie Levine, senior managing director; andAggelos Sklavenitis, VP.
“Meridian is very pleased to have advised the Torkian Group, aleading value-add commercial property investor, on this importantfinancing,” says Levine. “By leveraging our strong lendingrelationships, Meridian was able to secure construction financingfrom a balance sheet lender, facilitating the development of aclass A residential rental asset in the heart of Manhattan.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
