New York Community Bank has provided a $70 million acquisition loan to affiliates of Meridian Capital and Galil Management on a 282,920 square foot mixed-use building in New York City’s northernmost borough, the Bronx.
The borrowers purchased the property from affiliates of landlord Chaim Schweid for $52.25 million, splitting the ownership through a “tenant in common interest” agreement, city records show. Schweid purchased the property from Allerton Associates in October 2005 for $35.8 million.
The 736-unit retail and residential building is located at 2700 Bronx Park East in the Allerton neighborhood west of Bronx Park and was constructed in 1927.
New York Community Bank specializes in multifamily financing across New York State and has been an active lender in the Bronx, including a $105 million mortgage on a 38-building multifamily portfolio there this March.
Also this month, the bank provided a $110 million acquisition loan to Harbor Group International and Azure Partners on the 504-unit Eaves Nanuet multifamily property in the Hudson Valley area north of New York City, after providing $52 million in loans to refinance an apartment building in Manhattan’s Upper West Side also in September.
Founded in 1991, Meridian Capital is one of the nation’s largest commercial real estate finance and advisory firms, headquartered in New York. Galil Management is a real estate investment firm also in New York.