Hayum and Hingson of Meridian arrange $15.7 million construction loan for a 64-unit mixed-use property

June 18, 2019 - Financial Digest
David Hayum, Meridian

 

Luke Hingson, Meridian

 

138-30 Queens Blvd. - Queens, NY

Queens, NY Meridian Capital Group arranged $15.7 million in construction financing for a mixed-use property in the Jamaica neighborhood. 

The 24-month construction loan, provided by a balance sheet lender, features a prime-based floating rate and full-term interest-only payments. This transaction was negotiated by Meridian managing director, David Hayum, and vice president, Luke Hingson, who are both based in the company’s NYC headquarters.

138-30 Queens Blvd. will stand seven stories tall and span 45,000 s/f when complete, consisting of 64 studio to three-bedroom apartments, three ground-floor retail units, and 41 parking spaces. The property benefits from a 35-year 421-a tax benefit and an ICIP tax benefit for the commercial space, as 30% of the apartments will be affordable units. 138-30 Queens Blvd. is positioned within walking distance of numerous forms of public transportation, including the E and F subway lines at the Briarwood station just two blocks away, in addition to a plethora of dining and retail options. 

“Due to the sponsor’s strong track record, Meridian was able to arrange a financing solution that provided maximum leverage for the construction while also securing favorable terms,” said Hayum.

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