Meridian Capital Group

Meridian Arranges $68M Financing for Brooklyn MF Property

March 08, 2024

A multifamily property construction project in Brooklyn’s Gowanus has has secured $68 million in financing. The debt fund provided the financing, negotiated by Meridian’s Morris Betesh and Omar Ferreira.  

Situated at 125 3rd Street, the 13-story property will feature 130 units and 12,750 square feet of retail space across 134,500 gross square feet upon completion. The neighborhood offers living options including multifamily homes and townhouses.  

“The loan provides an attractive leverage point at an efficient cost of capital and will enable the sponsors to achieve completion of the project well in advance of the 421a deadline, though they have also enrolled in the Gowanus PILOT program as a contingency,” said Betesh. Gowanus underwent rezoning in 2021, allowing for the development of 8,500 new units, including affordable housing and infrastructure improvements. 

Read Article
Recent Articles | Back to News

Eternal Takes 12K SF at 525 West 26th Street for Fitness Center

Article
March 8, 2024

Specialty supermarkets, eateries nabbed 7 of NYC’s top 10 retail leases last month

Article
March 8, 2024

Citigroup, Société Générale Close $108M CMBS Loan for Self-Storage Refi

Article
March 8, 2024

Chinese Fast-Food Chain Zhoumapo to Open First U.S. Location in Times Square

Article
March 8, 2024

Manhattan Skyline Management Corp. Welcomes Gourmet Bakery Empire Cake to 450 Sixth Avenue in the West Village

Article
March 8, 2024

S3 Capital Supplies $59M Construction Loan for Jersey Resi Tower

Article
March 8, 2024