NEW YORK CITY — Meridian Capital Group LLC, a national commercial real estate finance and advisory firm, has arranged a $160 million CMBS loan to refinance a former nursing home on Third Avenue in New York City on behalf of The Chetrit Group. The 19-story building on the city's Upper East Side is now a student housing property.
“Meridian was able to quickly procure this competitive financing for The Chetrit Group based on the strength of the sponsorship, the high-quality of the asset and a solid prior financing relationship with the lender,” says Ronnie Levine, managing director of Meridian Capital Group's New York City office. “Given the shortage of quality student housing stock in New York City, a property of this caliber will serve both our client and its inhabitants very well for years to come.”
The 498-unit student housing property is located at 1760 Third Ave. and totals 247,600 square feet. The asset was formerly a nursing home that The Chetrit Group began converting in 2009. Tenants include Baruch College, Hunter College, LIM College and Educational Housing Services.
Natixis Real Estate Capital LLC provided the five-year conduit financing, which features interest-only payments for the full term. Levine negotiated the transaction.
The Chetrit Group is a private commercial real estate development and management firm based in New York City.
Founded in 1991, Meridian Capital Group is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida, Arizona and California. The company arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties.
— John Nelson