Meridian Capital Group announced today that its Institutional Investment Sales group, led by Helen Huang, has arranged the sale of the fee center in The Arches in the Bronx, New York for $105 million to Haven Capital, as well as a long-term leaseback of New 99 years old for the project developer, Chess Builders LLC. Meanwhile, Meridian’s Isaac Filler arranged $125 million in lease financing on behalf of Chess Builders LLC, the project’s developer, fee stand seller and forward lease owner. Hwang and Filler seamlessly structured, optimized and closed these transactions, offering a full capital stack solution to their clients.
Located at 224-228 East 135th Street in Mott Haven, The Arches is a newly built 25-story, 430-unit residential property that redefines luxury living in the Bronx. The 70/30 two-block complex is the first property to be delivered along the burgeoning Bronx waterfront and has reached over 70% occupancy in just over one year. Located less than 30 minutes from midtown Manhattan, the studio to two-bedroom apartments offer a blend of flexibility and modern design featuring floor-to-ceiling windows, chef’s kitchens, smart home features, and washers and dryers in select units. Designed by Fisher + Makori Architects with interior design by Durukan Design, the building’s amenities include several lounges and workspaces, a library, movie screening room, fitness center, children’s playroom, rooftop terrace, and parking, as well as a spa at Location and Urgent Care Services. The property also offers a full range of concierge services, providing tenants with a complete luxury living experience.
The seller was represented by the Meridian team of Helen Huang, Brian Szczapa, Yasmine Khairadby and Karen Weidenman. Isaac Feller, managing director of Meridian, has arranged a financing of $125 million on behalf of Chess Builders LLC.
“The Arches is a wonderful and distinctive addition to the vibrant neighborhood of Mott Haven. We are extremely proud to have arranged a unique capital solution to support the development team’s long-term vision for this groundbreaking asset,” said Helen Huang, Senior Executive Director and Head of Corporate Investment Sales at Meridian.
“We have worked closely with Meridian and the sponsor to deliver a strategic deal that expands the property’s private equity pool,” said Joe Shanley, Head of Acquisitions at Haven Capital. “We are excited to incorporate these fantastic assets into our portfolio.”
“We are pleased to receive additional funding for this exceptional project. This successful transaction underscores that even in a challenging pricing environment, capital remains dominant for best-in-class and institutional quality care assets,” said Isaac Feller, managing director at Meridian Capital Group.
Helen Huang, CEO of Meridian’s Corporate Investment Sales Group, can be reached at (212) 468-5930 or [email protected].
