Morgan Group gets $149M refi on Bronx multifamily portfolio

New York Community Bank serves as lender for 21 properties

TRD New York /
April 22, 2016 05:40 PM

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


Related Article

arrow_forward_ios
New York Community Bank CEO and president Joseph Ficalora (Credit: Facebook, iStock)

Freed by Dodd-Frank, NYCB is on the hunt for M&A deals

1735 York Avenue and Bonjour Capital's Charles Dayan (Credit: Google Maps)

Dayan’s Bonjour Capital inks $115M refi for Upper East Side building

Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

329 Broadway and JLJ CEO Jonathan Lewis (Credit: Syndicate Architecture via CityRealty, Google Maps)

Williamsburg developer lands $57M refi to complete 329 Broadway

arrow_forward_ios