Meridian Capital Group, America’s most active debt broker, arranged $1.8 million in financing for the purchase of a multifamily property located in Corona, Queens.
The five-year loan, provided by a national balance sheet lender, features a competitive fixed rate of 3.07%. This transaction was negotiated by Meridian Managing Director, Brian Flax, Ami Levin and Associate, Blake Orman, who are all based in the company’s New York City headquarters.
The five-story, 8,574 square foot multifamily property is located at 37-32 107th Street in the heart of Corona, Queens. The rich history and cultural character of Corona has brought many new residents to live, work and dine in the neighborhood. The property’s central location offers tenants a two-block walk to the 7 subway line at the 103rd Street Corona Plaza stop and is in close proximity to a wide variety of international restaurants and shops.
“This transaction had strong in-place cash flow, which allowed Meridian to negotiate a 65% loan-to-purchase price deal and provide a smooth and seamless execution,” said Mr. Orman. “We look forward to working with the client on similar transactions in the future.”
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