Meridian Capital Group, America’s most active dealmaker, arranged $115 million in financing for the cash-out refinance of a multifamily property midway through construction in Brooklyn, NY on behalf of Hampshire Properties.
The loan, provided by Square Mile Capital, was negotiated by Meridian Senior Managing Director, Morris Betesh, Managing Director, Justin Boruchov, and Vice President, Daniel Belecen.
Located at 1277 East 14th Street in Brooklyn’s Midwood neighborhood, the property occupies the former site of the Shulamith School for Girls, which is also the former site of Vitagraph Studios. The eight-story building will feature 302 one-, two-, and three-bedroom units, 150 parking spaces, a fitness center, game room, concierge desk, and rooftop with views of the Manhattan skyline. With frontage along three streets and a large inner courtyard, the building will benefit from substantial light and air in every residence.
The property’s large apartments and surplus of common areas and recreational space fits in well with the demands of Midwood’s population, a neighborhood renowned for its suburban feel and family-oriented atmosphere. 1277 East 14th Street also offers residents quick access to Manhattan in 30 minutes or less via the Q subway line at the Avenue M station.
“Refinancing a loan during construction is an extremely challenging task, but Hampshire Properties is a premier multifamily owner and developer, and we were able to leverage their decades of expertise in multifamily management in the Midwood area to benefit the terms of the deal,” said Mr. Betesh. “Midwood is one of Brooklyn’s best kept secrets, with strong demographics, convenient transportation and upscale retail options. A full-service luxury building with first-rate amenities and a private courtyard is new to this neighborhood, but thanks to the area’s rapidly evolving landscape, we are certain it will be a resounding success.”
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