Meridian Capital Group LLC negotiated acquisition financing on behalf of JDS Development Group for a vacant lot located on First Avenue in Manhattan’s Murray Hill neighborhood.
The loan was provided by UBS Real Estate Securities Inc. and was negotiated by Meridian Capital Group Managing Directors Ronnie Levine and Aaron Appel, both of whom are based in Meridian’s New York headquarters.
JDS Development Group purchased the 730,426-sq.-ft. development site located at 616 First Avenue from Sheldon Solow and intends to construct two multifamily towers there. Current plans call for a 37-story building and a 47-story building, containing a total of 830 units. The property encompasses the entire block along First Avenue between East 35th Street and East 36th Street overlooking the East River. The parcel is zoned for residential use and is the smaller of two plots totaling nine acres that were originally purchased in 2005 from Con Edison.
“Meridian arranged the financing with UBS Real Estate Securities Inc. in 17 days, leveraging its extensive relationship with the lender to enable the sponsorship to take advantage of one of the most unique post-Lehman buying opportunities in Manhattan,” said Aaron Appel said in a statement.