May 24, 2018
Meridian Capital Group, America’s most active dealmaker, arranged $4.5 million in financing to refinance a multifamily property in Jackson Heights, NY.
The 10-year loan, which was provided by a balance sheet lender, features a rate of 4.05% and two years of interest-only payments followed by a 30-year amortization schedule. This transaction was negotiated by Meridian Associate, Michael Homapour, who is based in the company’s New York City headquarters.
The four-story property features 40 units located on 88th Street in the Jackson Heights neighborhood of Queens, NY. Situated in northwestern Queens, the bustling Jackson Heights neighborhood is one of the most diverse in the city, with an estimated 160 languages spoken, and attracts both families and young professionals seeking affordable rents and a manageable commute to Manhattan. Residents of the building on 88th Street enjoy easy access to several subway lines, including the 7 train at the 90th Street–Elmhurst Station and the E, M, and R trains at the Elmhurst Avenue Station. The property is also in close proximity to both LaGuardia and JFK, which are respectively 10 and 20 minutes away by car.
“Every deal has its complexities. In this case, Galete Levin of Cullen and Dykman added tremendous value during the process,” said Mr. Homapour. “She was able to overcome an in-place HPD grant and got the bank comfortable with closing the loan in an efficient manner.”
Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2017, Meridian closed over 3,000 debt transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property. Since inception, the company has closed more than $300 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com