March 15, 2017 Comments Off on Acquisition Loan Spurs Harlem Apartments Buy Views: 258 New York News, Uptown/Bronx New York

Acquisition Loan Spurs Harlem Apartments Buy

ABJ Properties Inc., borrowed $7.4 million in acquisition financing to buy two apartment buildings in Manhattan’s Central Harlem neighborhood. The buildings — 1625 Park Ave. and 91 E. 116th St. — have 74 units and one retail space. Both are regulated by city agencies.

“Meridian was able to garner lender interest by underscoring both properties’ prime locations in order to obtain favorable loan terms,” said Baruch Pelcovitz, vice president for Meridian Capital Group, which arranged the financing.

The seven-year loan, provided by a regional balance sheet lender, features a competitive floating rate of 2.0% over the 30-day LIBOR rate for the first two years, followed by a fixed rate of 4.6% for the remaining five years.

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