Meridian Capital Group has facilitated a $25.75 million financing deal for the construction of a condominium property in Brooklyn, NY, in partnership with Meral Property Group and Loketch Group.
Situated at 630 Grand Avenue in Prospect Heights, the residential property will feature 32 luxury condominium units across seven stories, with amenities including a residence lounge, fitness center, private parking, outdoor cabanas, and a game room.
The construction loan was negotiated by Morris Betesh and Alex Bailkin of Meridian Capital Group. “Prospect Heights is a highly desirable residential neighborhood with attractive retail amenities and transportation options. Sales velocity in the submarket has held up this year despite high interest rates. Sponsorship was able to buy out a long-term retail tenant at the site and get plans approved during the contract period, allowing us to close the construction financing simultaneously with their purchase of the site,” said Betesh.