Hayum and Savariego of Meridian Capital arranges $17.9 million construction loan for Queens multifamily

Queens, NY Meridian Capital Group, America’s most active debt broker, arranged $17.9 million in construction financing for the development of a multifamily property located in Jamaica on behalf of a Long Island-based borrower. The three-year, interest-only construction loan, provided by a regional balance sheet lender, was negotiated by Meridian senior vice president, David Hayum and vice president, Tal Savariego, who are both based in the company’s New York City headquarters. The ground-up multifamily development is located at 177-30 Wexford Terrace in Jamaica and will be comprised of 68 apartments and a community facility. The building is in close proximity to the Belt Parkway, JFK Expressway and several blocks from the E and F subway lines at the Jamaica – 179^th Street station. Tenants also enjoy direct access to John F. Kennedy International Airport. “The Long Island-based borrower is a privately owned company with a solid track record of multifamily developments in the surrounding area,” said Hayum. “Meridian is proud to have arranged the construction financing for their largest ground-up development project to date,” he added. “This was achieved by highlighting the borrower’s prior experience as builders and the strong metrics of the project.”