NEW YORK CITY — Meridian Capital Group LLC, a national commercial real estate finance and advisory firm, has arranged $128 million in acquisition financing for a vacant lot located at 616 First Ave. in the Murray Hill neighborhood of New York City. Meridian arranged the loan on behalf of JDS Development Group.
The loan was provided by UBS Real Estate Securities Inc. and was originated by Meridian Managing Director Moshe Majeski. The loan terms were negotiated by Meridian Managing Directors Ronnie Levine and Aaron Appel, who along with Majeski, are based in Meridian’s New York headquarters.
JDS Development Group purchased the 730,426-square-foot development site, located at 616 First Ave., from American real estate mogul Sheldon Solow and intends to construct two multifamily towers at the site. The development plan includes a 37-story building and a 47-story building totaling 830 units.
The property encompasses the entire block along First Avenue between East 35th Street and East 36th Street overlooking the East River. The parcel is zoned for residential use and is the smaller of two plots totaling nine acres that were originally purchased in 2005 from Con Edison.
“Meridian arranged the financing with UBS Real Estate Securities Inc. in 17 days, leveraging its extensive relationship with the lender to enable the sponsorship to take advantage of one of the most unique post-Lehman Brothers buying opportunities in Manhattan,” says Appel.
Founded in 1991, Meridian Capital Group LLC is one of the nation’s largest commercial real estate capital advisory firms. The company is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida, Arizona and California.
— Rachel Goff