September 16, 2019
Meridian Capital Group arranged $57.2 million in acquisition financing for seven multifamily properties in Rochester, Syracuse and Albany, NY on behalf of Carlton Management LLC. Totaling 990 units, the properties have undergone recent renovations.
A New York City-based team of Jacob Laster, Joel Chetner and Zev Karpel arranged the 10-year agency loan. It features a rate of 3.22% and six years of interest-only payments, followed by a 30-year amortization schedule.
Located less than 15 minutes from Albany, Towers on the Hudson and Meadowbrook Apartments were built in 1970 and 1980 and total 232 recently-renovated units. The Residences at Covered Bridge, Wellington Manor and Manlius Academy Apartments are located just outside of Syracuse. Constructed between 1930 and 1968, the properties total 483 apartments.
The final two properties, Wedgewood West and Brockport Landing, are located in the Rochester metropolitan area and total 275 apartments, most of which have been renovated recently.
Pictured: An Albany, NY property in the portfolio.
For comments, questions or concerns, please contact Paul Bubny