The asset involved in this transaction is a development site located at 500 East 81st Street, in the Upper East Side market. The total building square footage is 37,378, with an area of 3,104 square feet dedicated to the development. The loan amount secured for this project is $26,500,000 for construction purposes.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $26,500,000
• Address: 500 East 81st Street
• Market: Upper East Side
• Asset Size: 37,378 BSF, 3,104 SF
• Lender: Jason Bordenick, Adam Glick & David Chilura - Maxim Capital
• Landlord: Sergey Rybak, Jason Reznik & Andrew Shavrin - Rybak Development
• Broker: Scott Miller & Rael Gervis - Meridian Capital Group
• Loan Type: Construction
• Loan to Cost (LTC): 65%

This transaction features involvement from significant players in the real estate and financing sectors. Meridian Capital Group, represented by brokers Scott Miller and Rael Gervis, facilitated the loan arrangement for this prominent luxury condo project. The 11-story development aims to offer ten high-end residences equipped with spa-level amenities, strategically positioned near Carl Schurz Park and Gracie Mansion.