Glacier Equities and Meadow Partners landed some short-term relief for their slow-moving Upper West Side condo building.
The partners snagged a $45 million inventory loan from Northwind Group for its 226-unit building at 175 West 95th Street. The loan is for up to three years, according to Ran Eliasaf, founder of Northwind Group.
The loan is secured by 120 units, all the rest have been sold. A condo inventory loan generally acts as a bridge loan until the developer sells off the unsold condo units.
The developer plans to make additional renovations, said Eliasaf.
Meadow Partners bought the 146 residential condos in 2017 from the Starrett Corp. for $61.3 million. The deal was a 40 percent discount from Starett’s listing price a year prior. Meadow Partners financed the acquisition with a $55 million loan from Mack Real Estate Credit Strategies.
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Starrett had converted the 28-story rental building with an alternate address at 733 Amsterdam Avenue into a condo property in 2013.
Eliasaf’s firm has been active in condo inventory loans. Northwind originated eight of these loans in the last 12 months. In addition, the firm recently provided a $162 million construction financing for Shvo’s Mandarin Oriental Residences, Fifth Avenue.
“It’s no secret the market is slowing down.” said Eliasaf.
But the supply-constrained market still holds some opportunities.
“You have two years of backlog,” Eliasaf said. “New projects are taking much longer.”
Jeffrey Kaplan’s Meadow Partners has also been busy. The firm this week acquired an eight-story office building for $288.2 million from RFR.