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NEW YORK CITY — Meridian Capital Group has arranged a $592 million financing for the purchase of 24 multifamily properties located throughout New York City.
The loan was made on behalf of Blackstone Real Estate Partners VIII and Fairstead Capital. The portfolio consists of 979 units with properties located in the Upper East Side, Chelsea, Midtown West, Midtown South and Murray Hill in Manhattan.
The five-year loan, provided by a balance sheet lender, features a LIBOR-based floating rate and interest-only payments for the full term.
Drew Anderman of Meridian Capital Group negotiated the transaction.