Meridian Capital Group, America’s most active debt broker, arranged $10 million in permanent financing for The Brownstone multifamily property located in Bedford Stuyvesant, Brooklyn.
The 10-year loan, provided by a balance sheet lender, features a fixed rate of 3.75% with four five-year extension options. This transaction was negotiated by Meridian Senior Vice President, Jacob Schmuckler, and Vice President, Eli Serebrowski, who are both based in the company’s New York City headquarters.
The Brownstone is a five-story, 28-unit contemporary multifamily building, located at 196 Macon Street in the rapidly rising neighborhood of Bedford Stuyvesant. This quintessential residential property, built by the H. Holding Group, offers superb amenities, including an on-site gym, a common roof deck with panoramic Manhattan skyline views, on-site parking and a 24-hour security system.
“Meridian was able to leverage its unique relationship with the lender to secure an extremely favorable fixed-rate for a 10-year term,” explained Mr. Serebrowski. “We also negotiated prepayment penalty that goes to zero after five years with four additional five-year options to extend the loan,” he added.
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