Williamsburg Multifamily Receives $20M Fannie Mae Loan
Paul Grosman’s 240 Meeker Ave. Corporation obtained the financing arranged by Berkadia.
NEW YORK CITY—A 46-unit, post-war multifamily building at 240 Meeker Ave. in Williamsburg, Brooklyn received $19.6 million in financing from Fannie Mae. Stewart Campbell of Berkadia’s Manhattan office secured the financing on behalf of the borrower, New York-based 240 Meeker Ave. Corporation headed by CEO Paul Grosman.
The 10-year, permanent loan has a 4.37% fixed-interest rate. “The new loan financing provided a great long-term rate while maximizing proceeds and property cash flow with 72 months of interest-only payments,” says Campbell. Berkadia is a joint venture of Berkshire Hathaway and Jefferies Financial Group.
The property features one- and two-bedroom apartments with natural light and terraces or balconies in every unit. In addition to a rooftop deck and on-site parking, the building is close to McCarren Park and other neighborhood attractions. The Brooklyn submarket has become its own tourist destination with venues such as the Museum of Food and Drink Lab, the Brooklyn Winery, and the Music Hall of Williamsburg.