Meridian Capital Group, America’s most active dealmaker, arranged $10.5 million in financing for the refinance of two multifamily properties in Brooklyn and one cooperative property in Farmingdale, NY.
The five-year, $3 million loan for the first multifamily property features a rate of 3.50% while the $5.7 million, five-year loan for the second features a rate of 3.625%. The $1.8 million loan for the cooperative property in Farmingdale features a 10-year term and a rate of 3.99%. These transactions were negotiated by Meridian Vice President, Michael Ryback, who is based in the company’s New York City headquarters.
Located on Elton Street in the Cypress Hills neighborhood of Brooklyn, NY, the first property is a six-story elevator building consisting of 53 units directly across from Highland Park. Residents of the building enjoy an easy commute to Manhattan and downtown Brooklyn via the J train at the Cleveland Street Station and the Q56 and Q24 buses. The second property is located on Saint Johns Place and features 16 units spread across four stories in Brooklyn’s Park Slope neighborhood. This property is accessible from Atlantic Terminal, Grand Central, Wall Street, and Union Square via several subway lines in 40 minutes or less. Located on Fulton Street in Farmingdale on Long Island, the third property is a 52-unit cooperative building conveniently situated among a wide variety of shops and restaurants.
“Despite a recent rise in interest rates, Meridian has been able to successfully protect our clients’ rates as a result of long-term relationships and the overall value Meridian produces for our lending partners,” said Mr. Ryback. “In an environment like this, having a qualified broker is of the utmost importance and a true value add.”
Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com