Meridian Capital Group, America’s most active dealmaker, arranged $12.8 million in balance sheet financing for a fractured condominium in Bushwick neighborhood of Brooklyn, NY.
The seven-year fixed-rate loan, provided by a balance sheet lender, features a rate of 3.76% and one year of interest-only payments. This transaction was negotiated by Meridian Vice President, Judah Hammer, and Associate, David Neiss, who are both based in the company’s New York City headquarters.
The property, located at 358 Grove Street, is a 13-story, 59-unit fractured residential condominium, of which the loan collateral consists of 35-units and two community facility spaces. Located at the heart of Bushwick’s burgeoning art scene, the building boasts more than 3,000 square feet of landscaped common areas, eight leasable rooftop cabanas, and 40 parking spaces in a gated parking lot. All the apartments come equipped with chef kitchens, complete with granite countertops and luxury stainless steel appliances. Additionally, many of the apartments offer unobstructed views of the Manhattan skyline.
Well-situated within a reviving neighborhood active with new construction, the property is one block from restaurants, bars, cafes, and shops. The building is just a short distance from the L subway line at the Myrtle-Wyckoff Street Station, and the M subway line at the Seneca Avenue Station. The J and Z subway lines are also within walking distance.
“Given the unique sub-asset class of fractured condominiums, identifying the most competitive lender that could underwrite the transaction, while still providing favorable terms, was a balancing act. Ultimately, Meridian's market knowledge, extensive lender relationships and the strength of the sponsorship prevailed and we were able to negotiate accretive financing on competitive terms for our client," said Mr. Hammer.
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