Appel and Diaz of Meridan Capital negotiate $38 million in permanent financing

Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, has negotiated $38 million in permanent financing for a multifamily property located on Hope St. in the Williamsburg neighborhood on behalf of 53 Hope Street, LLC. The 10-year loan features a competitive fixed-rate of 4.28% and was provided by a life insurance company. This transaction was negotiated by Meridian managing director, Aaron Appel, and vice president, Michael Diaz, who are both based in the company's New York City headquarters. The six-story former warehouse property was acquired in 2010. The sponsor renovated the property into a high-end multifamily property with 117 apartments and 4,300 s/f of retail space. The building features state-of-the-art amenities including a fitness center and a roof deck with stunning views of the city. "The sponsor executed an exceptional redevelopment of 55 Hope St. into a market leading rental property," said Appel. "The lender quickly recognized this and worked aggressively to refinance the asset and provide very competitive terms." Founded in 1991, Meridian is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida, Arizona and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties.