Danny Fishman’s middle-market condominium investment firm Gaia Real Estate landed a $122.8 million acquisition loan from TPG Real Estate Finance Trust to help fund its purchase of a vacant seven-story residential property at 416 West 52nd Street, Commercial Observer has learned.
Meridian Capital Group arranged the three-year, floating-rate loan, which comes with two 12-month extension options, according to the mortgage brokerage firm. Meridian Senior Managing Director Ronnie Levine and Managing Director Jeff Berkes negotiated the debt deal.
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Gaia acquired the former St. Vincent’s Midtown Hospital, located between Ninth and Tenth Avenues in Hell’s Kitchen, from the Chetrit Group on Aug. 20 for $156.5 million, city records show. Chetrit had converted the more than 70-year-old hospital into 156 apartment units in 2014. The 141, 350 square feet of residential space remains unoccupied.
Read the full story at Commercial Observer, by Damian Ghigliotty
