Meridian Capital Group Arranges $40M Mezzanine Construction Loan For Platt Street Property
7 Platt Street
$40,000,000
$148/SF
Building Size
270,000 SF
Asset Type
Mixed-use
Closing
Jan 22, 2024
AI
The property at 7 Platt Street, located in the Financial District of Manhattan, is a mixed-use asset comprising a hotel and multifamily residences. The property spans approximately 270,000 square feet, featuring 250 multifamily units and 172 hotel keys. The lender for this transaction was Lionheart Strategic Management, while the landlord is the Moinian Group. The deal was facilitated by Drew Anderman & Eddie Haber of Meridian Capital Group.
Summary of transaction details:
- Property Type: Hotel & Multifamily
- Transaction Amount: $40,000,000
- Market: Financial District, Manhattan
- Multifamily Units: 250
- Hotel Keys: 172
- Loan Type: Mezzanine Construction
- Loan Amount: $40,000,000
The property at 7 Platt Street is one of the last 421-A eligible properties to be developed in NYC, making it a unique investment opportunity. Meridian Capital Group had previously arranged a $165 million senior construction loan for this property from BDT & MSD Partners, highlighting the financial strategy employed in this high-value transaction.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93