Meridian Capital Group announced today that its Institutional Investment Sales Group, led by Helen Hwang, has advised All Year Holdings Limited’s restructuring team, on the sale of The Denizen to Atlas Capital Group, LLC for $506 million, the largest single asset multifamily transaction in the U.S. since 2018. Meridian Senior Managing Director, Morris Betesh, arranged $367.5 million in acquisition financing on behalf of Atlas Capital Group from Square Mile Capital.
Situated on the site of the former Rheingold Brewery, The Denizen spans two full city blocks across 770,000 gross square feet and 911 units. The complex contains two buildings, 54 Noll Street and 123 Melrose Street, and offers more than 100,000 square feet of indoor and outdoor tenant amenity spaces, making it the most amenitized residence in New York City. Tenant amenities include an indoor pool, jacuzzi, bowling alley, rooftop hydroponic farm, golf simulators, chef’s kitchen, brewery, business lounge, and gym with rock-climbing wall, boxing ring and spin studio. The property was designed by ODA and has been recognized for its innovative design and architecture including being honored with the NY Urban Land Institute Award for Excellence in Development in the Market-Rate Housing category in 2019.
A Meridian team of Helen Hwang, Tamir Kazaz, Brian Szczapa, Yasmin Kheradpey, and Karen Wiedenmann represented the seller. Meridian’s Morris Betesh and Alex Bailkin negotiated the financing on behalf of Atlas Capital Group, which was provided by Square Mile Capital.
“The Denizen is an artfully designed and exceptionally executed community that is well-positioned to cater to Bushwick’s bourgeoning young and creative population for years to come. We are very pleased with what we were able to accomplish for All Year Holdings on this value-maximizing sale and look forward to seeing how Atlas Capital Group further enhances this award-winning property in the future,” said Helen Hwang, Senior Executive Managing Director and Head of Meridian’s Institutional Investment Sales Team.
“This transaction had numerous moving parts that required thoughtful and constant coordination, but Meridian excels at complexity. As a result, we were able to negotiate reliable balance sheet financing at a favorable rate that closed seamlessly. We believe that lender interest in this deal is a testament to the New York City market’s resilience and Atlas’s proven track record of executing on large, structured transactions,” said Morris Betesh, a Senior Managing Director in Meridian’s mortgage brokerage division.
Over the last several months, All Year Holding’s restructuring team has been successfully engaging in efforts to stabilize its real estate portfolio. The sale of The Denizen is a major key step in All Year Holding’s overall strategic realignment of its portfolio, which is being advanced with the full support of its bondholders and major lenders.
Helen Hwang, Senior Executive Managing Director of Meridian’s Institutional Investment Sales group can be reached at (212) 468-5930 or [email protected] and Morris Betesh, Senior Managing Director can be reached at (212) 612-0105 and [email protected].