Queens, NY Meridian Capital Group has arranged $5.7 million in acquisition financing for three multifamily properties on behalf of MDM Development.
The five-year loan, provided by a balance sheet lender, features a rate of 3.88% and two years of interest-only payments followed by a 30-year amortization schedule. This transaction was negotiated by Meridian vice president, Aaron Lerman, and senior vice president, Sam Shifer, who are both based in the company’s New York City headquarters.
The three properties are located at 84-47 Lefferts Blvd., 83-35 Lefferts Blvd., and 84-10 120th St. in the Kew Gardens neighborhood and consist of 57 units and 27 parking spaces. This is the first time the buildings have been sold in 18 years. Situated in the center of Queens, Kew Gardens offers residents proximity to the 538-acre Forest Park, independent movie theater Kew Gardens Cinemas, and an array of transportation options, including the J and Z subway lines at the 121st Street station, the Long Island Rail Road at the Kew Gardens station, and both LaGuardia and John F. Kennedy International Airports.
“Our client, Gandolfo DiFiore of MDM Development, saw an opportunity to enhance these properties through refurbishment, professional management, and maximizing the full potential of the underground parking for tenants and neighbors,” said Lerman. “Meridian was able to leverage the borrower’s excellent track record and the lender recognized the portfolio’s potential. Our client is a well-seasoned developer and manager who has deep roots in the Queens multifamily market.”