Meridian Capital Group arranged $68 million in financing for the Vitre condominium tower in New York, New York, on behalf of Wonderworks Construction and its partners.
The 24-month condo inventory loan is secured by this 48-unit development and was provided by a balance sheet lender and features full-term interest-only payments. Meridian Senior Managing Directors, Morris Betesh and Tamir Kazaz; and Vice President, Alex Bailkin, negotiated the transaction.
“It was a pleasure working with Wonderworks, a true premier developer in Manhattan. [Its] commitment to quality and excellence is evidenced by this world-class development,” Betesh says. “We were able to create a competitive bidding process and match Wonderworks with a lender who appreciates their experience and track record.”
Located at 302 East 96th Street in Manhattan’s Upper East Side neighborhood, the luxury Vitrecondominium tower stands 21 stories tall and boasts a modern glass façade. The property consists of 48 one- to three-bedroom residences featuring amenities such as floor-to-ceiling windows, private terraces, white oak flooring, and state-of-the-art appliances, in addition to community benefits including a residents’ lounge, rooftop deck, concierge service, parking and 24-hour attended lobby. Vitre is located directly across from the extension of the Q subway line at the 96th Street / Second Avenue station.