Brooklyn, NY Meridian Capital Group arranged $48 million in financing for 100 Lenox Rd., a multifamily property.
The construction takeout bridge loan was provided by a debt fund, and this transaction was negotiated by Meridian Senior Managing Director, Morris Betesh, and Vice President, Morris Dabbah who are based out of the company’s New York City headquarters.
Located at 100 Lenox Rd. the brand-new construction, eight-story 89,622 s/f multifamily property includes 95 units with condo level finishes. The property features amenities such as common areas, co-working spaces, a rooftop lounge, and fitness facility. The building also includes bike storage, a laundry room, and on-site parking with 48 parking spaces below grade. The property is located just a ten-minute walk to Prospect Park as well as the 2,5 and Q train stations and sits just one block away from Flatbush Ave., the main retail/commercial corridor serving the neighborhood. Restaurants, cafes, grocery stores, gyms, and medical facilities are all merely a short walk away.
“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. Despite the general market volatility, our relationship lender provided a seamless and quick closing experience,” said Betesh.