Meridian Capital Arranges $42M Loan for Apartment Community on Manhattan’s Lower East Side

by David Cohen

NEW YORK CITY — Meridian Capital Group has arranged $42 million in financing for the acquisition and renovation of an apartment property in the Lower East Side neighborhood of Manhattan. The eight-story property is located at 10 Rutgers St. and includes 83 units. A balance sheet lender provided the seven-year loan, which features three years of interest-only payments, followed by a 30-year amortization schedule. The borrower, AMAC Holdings, plans to renovate and reposition the property. Tal Bar-Or and Richard Sutton of Meridian negotiated the financing in the transaction.

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