Hammer of Meridian arranges $4.3 million in permanent financing

Meridian Capital Group, LLC, one of the leading national commercial real estate finance and advisory firms, arranged a $4.3 million mortgage to refinance a multifamily property. The five-year loan features a competitive fixed-rate of 3.125% and was provided by a regional balance sheet lender. This transaction was arranged by Meridian Capital Group vice president, Judah Hammer, who is based in the company's New York City headquarters. The six-story multifamily property contains 20 units and is located on West 49th St. in the borough's Clinton neighborhood. The neighborhood allows tenants easy access to numerous restaurants featuring a broad variety of cuisines as well as many shops, cafes, and galleries. "By leveraging our strong relationship with the existing lender, Meridian was able negotiate a substantially reduced prepayment penalty," said Hammer. "We also achieved a lower interest rate than the previous financing and structured flexible terms with the ability to cash out an additional 30% in 16 months."