Meridian Capital Group, America’s most active dealmaker, arranged $60 million in financing to refinance 237 11th Street, a multifamily property in the Park Slope neighborhood of New York, NY on behalf of Trinity Place Holdings.
The 24-month loan, provided by a balance sheet lender, features a rate of 2.85% over 30-Day LIBOR, full-term interest-only payments, and three 12-month extension options. This transaction was negotiated by Meridian Senior Managing Director, Drew Anderman, Senior Vice President, David Bollag, and Director, Alan Blank, who are all based in the company’s New York City headquarters.
Located at 237 11th Street in Park Slope, the 12-story, class-A multifamily property is comprised of 105 newly renovated apartments and ground floor retail space, which is occupied by Starbucks and an oral surgeon’s office. The residential units consist of studio-to-three-bedroom layouts featuring designer kitchens, custom bathrooms, high-end finishes, in-unit washers and dryers, and designer appliances, with select units boasting outdoor terraces and balconies. Community amenities include a residential courtyard, roof deck, exercise facility, package center, and parking garage.
“We were able to achieve a favorable rate on a partially-leased building during the tail end of COVID,” said Mr. Anderman. “This loan provided the borrower with prepay flexibility as the property stabilizes.”