Meridian Capital Group announced today that its Institutional Investment Sales Group, led by Helen Hwang, has arranged the sale of the fee position at The Arches in the Bronx, NY for $105 million to Haven Capital, as well as the long-term leaseback of the property via a new 99-year ground lease to the project’s developer, Chess Builders LLC. Concurrently, Meridian’s Isaac Filler arranged a $125 million leasehold financing on behalf of Chess Builders LLC, the project’s developer, seller of the fee position and forward leasehold owner. Hwang and Filler worked seamlessly to structure, optimize, and close these transactions, presenting a full capital stack solution to their client.
Located at 224-228 East 135th Street in Mott Haven, The Arches is a newly constructed, 25-story, 430-unit residential property that is redefining luxury living in the Bronx. The 70/30 two-building complex is the first property to be delivered along the burgeoning Bronx waterfront and has reached over 70% occupancy in just over one year. Situated less than 30 minutes from Midtown Manhattan, the studio- to two-bedroom apartments offer a combination of flexibility and modern design featuring floor-to-ceiling windows, chef kitchens, smart home features, and washers and dryers in select units. Designed by Fisher + Makoori Architects with interior design by Durukan Design, the building’s amenities include multiple lounges and working spaces, a library, movie screening room, fitness center, child playroom, rooftop terrace, parking, as well as an onsite spa and urgent care services. The property also offers a full suite of concierge services, providing tenants with a complete luxury living experience.
A Meridian team of Helen Hwang, Brian Szczapa, Yasmin Kheradpey, and Karen Wiedenmann represented the seller. Meridian Managing Director, Isaac Filler, arranged $125 million of leasehold financing on behalf of Chess Builders LLC.
“The Arches is a spectacular and signature addition to Mott Haven’s vibrant neighborhood. We are extremely proud to have arranged a unique capital solution to support the development team’s long-term vision for this trendsetting asset,” said Helen Hwang, Senior Executive Managing Director and Head of Meridian’s Institutional Investment Sales Team.
“We worked closely with Meridian and the sponsor to deliver a strategic transaction that expands the property’s capital stack,” said Joe Shanley, Head of Acquisitions, Haven Capital. “We are excited to incorporate this great asset into our portfolio.”
“We are pleased to have arranged additional financing for this exceptional project. This successful transaction reaffirms that even in a challenging rate environment, capital remains prevalent for best-in-class sponsorship and institutional quality assets,” said Isaac Filler, Managing Director at Meridian Capital Group.
Helen Hwang, Senior Executive Managing Director of Meridian’s Institutional Investment Sales group, can be reached at (212) 468-5930 or [email protected].