The Real Deal New York

Morgan Group gets $149M refi on Bronx multifamily portfolio

New York Community Bank serves as lender for 21 properties

April 22, 2016 05:40PM

176 East 76th Street

176 East 76th Street in the Bronx

The Morgan Group secured a combined $148.6 million in loans from New York Community Bank to refinance a portfolio of Bronx multifamily buildings.

The financing package consists of 19 different loans borrowed against 21 properties in the borough, which hold a combined 1,061 apartments and 20 retail units. The loans, which have a fixed rate of 3.125 percent and feature three years of interest-only payments, each carry five-year terms.

Meridian Capital GroupTRData LogoTINY, led by chair and CEO Ralph Herzka, brokered the transaction on behalf of the Connecticut-based Morgan Group, which also owns rental buildings in Manhattan, Queens, Brooklyn and Westchester County, according to its website.

The $148.6 million in combined loans were closed at a 75 percent loan-to-value ratio, Meridian’s Moe Rosenblum told the Commercial Observer.

Meridian and New York Community Bank recently worked together on securing $115 million in financing for Greystar Real Estate Partners’ purchase of two Chelsea properties. [CO]Rey Mashayekhi

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