The Real Deal New York

Morgan Group gets $149M refi on Bronx multifamily portfolio

New York Community Bank serves as lender for 21 properties
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