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 Group, 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.