Meridian Capital Group, a leading national commercial real estate finance and advisory firm, negotiated a $15.5 million loan for the refinance of a multifamily property located on coveted Riverside Dr.
The seven-year loan, provided by a local savings bank, features a competitive fixed-rate of 3.375% and interest-only payments for the full term. This transaction was negotiated by Meridian Capital Group vice president, Isaac Filler, who is based in the company's New York City headquarters.
The 19-story multifamily property, located at 1380 Riverside Dr., totals 138 units and features majestic views of the Hudson River and George Washington Bridge as well as easy access to the Hudson River Greenway and numerous local dining establishments.
"Although the lending market for multifamily assets is very competitive, full-term interest-only financing is still somewhat elusive," said Filler. "As the largest mortgage broker in New York City, Meridian is able to consistently deliver structures such as this that are accretive to cash flow and allow our clients to capitalize on low interest rates while executing their business plans." Tags: