Geller and Pagnotta of Meridian negotiate $27.5 million in permanent financing for cooperative community

Kew Gardens Hills, NY Meridian Capital Group, LLC has arranged a $27.5 million mortgage for the refinance of a cooperative community. The 10-year Freddie Mac loan, provided by Capital One Multifamily Finance, features a fixed-rate of 3.56% and a $2 million line of credit. This transaction was negotiated byMeridian's managing director, Steve Geller, and vice president, Nicoletta Pagnotta, who are both based in the company's New York City headquarters. The 746-unit cooperative property features landscaped grounds, storage spaces and playgrounds. The property spans 26 acres overlooking Flushing Meadow Park between Jewel Ave., Park Dr. East and 138th St. in one of the most diverse neighborhoods in the borough. "The borrower had more than two years remaining on their previous mortgage," said Pagnotta. "We were able to negotiate a new mortgage in combination with a discount on the prepayment penalty which was advantageous for the client. As a result, the borrower was able to refinance and take advantage of the current low-rate environment, while also significantly reducing the costs associated with the previous loan. The tight spread negotiated by Meridian yielded an all-in rate of 3.56% for 10 years."