MERIDIAN CAPITAL GROUP ARRANGES MORE THAN $53 MILLION IN FINANCING FOR MT. VERNON, NY MULTIFAMILY COMPLEX
Mt. Vernon, NY – Meridian Capital Group has arranged $53,200,000 in financing for the purchase of Westchester Plaza in Mt. Vernon, NY. The sprawling 850,000 square foot complex consists of 4 residential buildings with a total of 698 units. The complex also includes a 75,000 square foot shopping center. Elliot Treitel of Meridian’s New Jersey office negotiated on behalf of the borrower, Urban American Management, to secure a fixed rate of 5.50% with the first 3 years of interest-only payments.
Located in southern Westchester County just north of New York City, Westchester Plaza occupies the center of an active transportation network. The Metro North Railroad plus the Westchester County Bee Line Bus service are both easily reached from the property.
Built in 1971 and spread out over 8.9 acres, Westchester Plaza is the largest apartment complex in Mt. Vernon. It also features one of the tallest residential buildings in the county. Each building consists of a full time maintenance staff, on-site security and vast parking for its tenants. The shopping center is home to a well-known roster of tenants that includes Washington Mutual Bank, Radio Shack and Eckerd.
Founded in 1991, Meridian Capital Group LLC is one of the nation’s largest mortgage brokerages serving the multifamily and commercial real estate sectors. The company is based in New York City with additional offices in New Jersey, Pennsylvania, Maryland, Illinois, Florida, California, and Texas. Working with a wide variety of lenders, Meridian finances transactions ranging from $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, self-storage, industrial, and construction properties. Nationally, Meridian reported more than 2,350 transactions in 2007, totaling over $16.5 billion.
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