Meridian Capital Group arranged $48 million in financing for 100 Lenox Rd., a multifamily property in Brooklyn’s Prospect Lefferts Gardens neighborhood.
The construction takeout bridge loan was provided by a debt fund, and was negotiated by Meridian senior managing director Morris Betesh and VP Morris Dabbah, both based at the company’s New York City headquarters.
The new construction, eight-story 89,622 square foot multifamily property includes 95 units with condominium-level finishes. It’s located a 10-minute walk to Prospect Park and a block away from Flatbush Avenue, the main retail/commercial corridor serving the neighborhood.
“We are grateful for the opportunity to work on this financing solution with our clients who were able to recapture equity while lowering their borrowing costs and providing them with the runway needed to lease up and stabilize this impressive new-construction property in the heart of Prospect Lefferts Gardens,” said Betesh.