Meridian Capital Group, America’s most active dealmaker, arranged $19 million in construction take-out financing for the refinance of a mixed-use property located in the Midwood neighborhood of Brooklyn, NY.
The seven-year loan, provided by a local balance sheet lender, features a fixed rate of 4.00%. This transaction was negotiated by Meridian Associate, Blake Orman, who is based in the company’s New York City headquarters.
The property, located at 1122 Chestnut Avenue in Midwood, is a seven-story mixed-use property, consisting of 57 class-A rental units and 12,600 square feet of ground-floor commercial space. Building amenities include high-speed elevators, parking with optional valet service, a laundry facility and a bicycle storage room. Each residential unit features wide plank floors, oversized windows, custom designed kitchens, and private outdoor space. Situated on a busy corner lot at the intersection of Chestnut and Coney Island Avenues the property houses notable tenant HASC Diagnostic and Treatment Center. Residents and tenants enjoy walking distance from the Q subway line at Avenue M, as well as the Avenue M/Coney Island Avenue bus line B9.
“1122 Chestnut is a newly developed contemporary-style building with a sophisticated interior, making it a stand-out property in the neighborhood,” said Mr. Orman. “The lender recognized the value created by our client and Meridian was able to negotiate a seven-year non-recourse loan that provided significant proceeds above the property’s cost basis,” he added.
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