Brooklyn, NY Meridian Capital Group arranged $11.3 million in financing for the construction of a multifamily development on behalf of Residential Development Group.
The 30-month loan, provided by a balance sheet lender, features a rate of 3.5% over 30-day LIBOR and full-term interest-only payments. This transaction was negotiated by Meridian vice presidents, David Oheb and Michael Neumann, who are based in the company’s NYC headquarters.
Located at 782 New York Ave. in the Prospect-Lefferts Gardens neighborhood, the seven-story property will include 39 one and two-bedroom residential units, 3,450 s/f of community space, and a 12-car indoor parking garage, totaling 42,000 s/f. Property amenities will feature a virtual doorman, laundry room, bike room, fitness center, recreation room, and rooftop terrace.
Situated on a corner in Prospect-Lefferts Gardens, the property benefits from its location two blocks from Prospect Park and across from Kings County Hospital and SUNY Downstate Medical Center. The area has recently been featured in The New York Times and The Wall Street Journal as a prime, up-and-coming neighborhood for new development, as many buyers and renters are attracted to its location and relative affordability. 782 New York Ave. is accessible via the 2 and 5 subway trains at the Winthrop St. station just three blocks away.
“With Residential Development Group’s outstanding development track record, and the property’s prime Prospect-Lefferts Garden location across form Kings County Hospital, we were able to run a highly competitive bidding process and negotiate below-market financing terms on behalf of the borrower in a constrained construction lending environment,” said Oheb. “This transaction demonstrates our ability to secure financing that maximizes value for our clients.”
“It was a pleasure working with both the developer and lender in bringing this incredible project to fruition,” said Neumann.