NEW YORK CITY—Meridian Capital Group has arranged $34 million in acquisition financing for the purchase of a multifamily property with retail and parking, located at the intersection of the Bedford Stuyvesant, Clinton Hill and Williamsburg neighborhoods in Brooklyn.
The five-year loan, provided by a regional balance sheet lender, features a fixed-rate of 3.25% and an interest-only component. This transaction was negotiated by Meridian VP Sam Shifer, who is based in the company's headquarters here. GlobeSt.com was unable to determine the identity of the borrower at press time.
Located at 756 Myrtle Ave., the six-story property is comprised of 72 units, 17,000 square feet of retail space on the ground floor—partially occupied by Duane Reade—and a 48-car parking garage. Originally built as a condominium in 2009, the building has spacious units and offers a variety of amenities, including a gym, sundeck with private roof cabanas and spectacular city views.
“Our client is very experienced as a New York operator and institutional investor,” explains Shifer. “Considering the property's luxury features and building amenities, as well as the strong rental market and the borrower's ability to upgrade several of the amenities, the property offers solid upside in rents.”
He adds, “The lender understood the property's potential and Meridian structured a deal to provide the borrower with flexibility and time to execute their strategy.”
More than 300 of the industry's leading national investors, REITs, banks, private equity firms, asset management firms and other institutions will join us as we explore the market conditions behind the trends at this year's RealShare National Investment & Finance, scheduled for Oct. 5 and 6 at the Roosevelt Hotel in New York City. Learn more.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
The five-year loan, provided by a regional balance sheet lender, features a fixed-rate of 3.25% and an interest-only component. This transaction was negotiated by Meridian VP Sam Shifer, who is based in the company's headquarters here. GlobeSt.com was unable to determine the identity of the borrower at press time.
Located at 756 Myrtle Ave., the six-story property is comprised of 72 units, 17,000 square feet of retail space on the ground floor—partially occupied by
“Our client is very experienced as a
He adds, “The lender understood the property's potential and Meridian structured a deal to provide the borrower with flexibility and time to execute their strategy.”
More than 300 of the industry's leading national investors, REITs, banks, private equity firms, asset management firms and other institutions will join us as we explore the market conditions behind the trends at this year's RealShare National Investment & Finance, scheduled for Oct. 5 and 6 at the Roosevelt Hotel in
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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