March 29, 2018
AMAC Holdings has lined up $42 million in financing to acquire and renovate an eight-story Lower East Side multifamily property. Meridian Capital Group’s Tal Bar-Or and Richard Sutton arranged the seven-year loan from a balance sheet lender on AMAC’s behalf.
Located at 10 Rutgers St. at the intersection of the LES and Two Bridges neighborhoods, the 83-unit apartment building is located in an up-and-coming area across from Seward Park, with numerous dining and nightlife options and a thriving arts scene. AMAC plans to substantially reposition the property through an extensive renovation.
The loan comes with three years of interest-only payments, followed by a 30-year amortization schedule. “We are proud to have matched AMAC with Raymond James to provide a highly-tailored solution that will act as a blueprint for a successful relationship going forward,” said Bar-Or.
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