December 18, 2018
Meridian Capital Group has arranged $36.5 million in financing for the acquisition and construction of a mixed-use property in Harlem, on behalf of The Jay Group. The five-building site at 54-62 W. 125th St. is located adjacent to the newly-built Whole Foods in Harlem.
The 36-month non-recourse loan, which was provided by a balance sheet lender, was negotiated by Meridian’s Morris Betesh, Dov Jeremias and Daniel Belecen.
“Non-recourse construction financing is difficult to come by with traditional lenders,” said Betesh. “However, well capitalized borrowers with ideally-located projects can still achieve attractive non-recourse financing.”
When complete, the complex will feature one retail unit and residential apartments, 30% of which will be affordable units, spanning 140,000 gross square feet. The property will receive a FAR bonus from the inclusionary housing program, and will qualify for both 421-a and ICAP tax benefits for residential and commercial units, respectively.
For comments, questions or concerns, please contact Paul Bubny