Meridian Capital Group, one of America's most active debt brokers, negotiated a $7.3 million loan for the refinance of a multifamily property.
The five-year loan, provided by a national balance sheet lender, features a competitive fixed-rate of 3% and a five-year extension option. This transaction was negotiated by Meridian Capital Group vice president, Judah Hammer, and associate, Michael Ryback, who are both based in the company's New York City headquarters.
The four-story multifamily property totals 40 units and is located on Prospect Park West in the Park Slope neighborhood of the borough.
"In this market, flawless execution is important," said Ryback. "The sponsor picked one property from his portfolio and gave us the opportunity to source the financing. Determined to prove our value, we were able to negotiate his prepayment penalty down, obtain additional proceeds and very favorable terms," he added. Tags: