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Posted: December 22, 2015
Hammer and Neiss of Meridian negotiate $14.4 million in financing; Placed for portfolio of four walk-up buildings
6302 4th Avenue - Brooklyn, NY
Meridian Capital Group" width="150" height="150" /> Judah Hammer, Meridian Capital GroupBrooklyn, NY Meridian Capital Group, America’s most active debt broker, negotiated $14.4 million in permanent financing for the cash-out refinance of a multifamily portfolio.
The five-year financing package, provided by a regional balance sheet lender, features a rate of 3.25% and a five-year extension option. This transaction was negotiated by vice president, Judah Hammer and associate, Daniel Neiss, who are both based in the company’s New York City headquarters.
The portfolio is composed of four, four-story walk-up buildings and totals 88 apartments and commercial spaces. The assets are located at 6302, 6310, 6316 and 6324 4th Ave. in the Sunset Park area.
“Our client acquired this portfolio several years ago and its value has grown significantly as a result of capital improvements to the assets as well as the strengthening of the surrounding area,” said Hammer. “As a result of the investments made by the sponsor and the market for this type of properties, ?Meridian was able to negotiate a cash-out refinancing in excess of the original purchase price.”
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