Meridian Capital Group

BHI, Valley National Bank Lead $78M Construction Loan for Rego Park Resi Tower

July 17, 2023

RJ Capital Holdings has nabbed $78 million of construction financing to build a 16-story residential tower in Rego Park, Queens, Commercial Observer has learned.

BHI and Valley National Bank led the loan for the developer’s planned Trylon Tower project at 98-81 Queens Boulevard, while Be Aviv served as the mezzanine lender. 

Ahead of the financing, RJ Capital completed a Uniform Land Use Review Procedure to upzone the property for high-rise multifamily, demolished the existing commercial structure and installed a foundation in order to obtain a 421a tax abatement prior to the program’s expiration

Meridian Capital Group arranged the transaction with a team led by Morris BeteshEli Serebrowski and Alex Bailkin, out of the company’s New York City headquarters.

Read Article
Recent Articles | Back to News

Synergy Fitness Inks Deal for 13K-SF Gym on the Upper East Side

Article
July 17, 2023

From Pizzas to Painting — Vesuvio’s Former 10th Ave Home Gets Colorful New Tenant

Article
July 17, 2023

Paint ’N Pour to Bring Painting Parties to Hell’s Kitchen

Article
July 17, 2023

Caffeena Coffee House Takes 4K SF at NoHo's 738 Broadway

Article
July 17, 2023

Meridian Closes First Agency Loan Since 2023 Ban With $173M Freddie Mac Deal

Article
July 17, 2023

Fast-Casual Food Places Conquering Midtown as Workers Return to Office

Article
July 17, 2023