Hammer of Meridian Capital Group arranges $9 million in permanent financing for a multifamily property

Queens, NY  Meridian Capital Group, one of America’s most active debt brokers, negotiated a $9 million loan for the refinance of a multifamily property. The five-year loan, provided by a national balance sheet lender, features a very competitive fixed-rate of 2.88%. This transaction was negotiated by meridian vice president, Judah Hammer, who is based in the company’s New York City headquarters. The multifamily property, located on Lamont Avenue, totals six stories and 98 units. Elmhurst is one of the most convenient and dynamic neighborhoods in Queens, near Citi Field, Flushing-Corona Park, Queens Center Mall and a short distance from both LaGuardia and John F. Kennedy airports. “We were able to leverage our relationship with the lender to significantly reduce the existing prepayment penalty and interest rate to cash out the borrower while simultaneously extending the term,” said Hammer. “This is an example of Meridian’s unique ability to help a client tap equity in their property while mitigating interest rate risk at a reduced prepayment cost,” he added.