April 18, 2017 Comments Off on New Apartments Get $44M Permanent Loan During Stabilization Views: 160 New York News, Uptown/Bronx New York

New Apartments Get $44M Permanent Loan During Stabilization

New Apartment

April 19, 2017

The tower at 501 E. 75th St. opened in January 2016, and is still leasing its 82 luxury apartments. But, developer Golden Asset has taken out a $43.5 million, 7-year loan anyway — taking out the construction financing for the development.

“Meridian leveraged its strong relationship with Capital One Multifamily Finance, and was able to successfully close during the property’s stabilization period,” said Carol Shelby, vice president for Meridian Capital Group, which negotiated the transaction.

Capital One provided the seven-year loan from its own balance sheets, with a fixed rate of 3.88% for the 20-story building in Mahattan’s Lenox Hill and Yorkville neighborhoods.

“This unique building is situated in a settled residential community that is in high-demand by young families,” said Shelby.

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