Hammer and Ryback of Meridian Capital Group arranges $7.4 million bridge financing

 

 

New York, NY Meridian Capital Group arranged $7.4 million in bridge financing to refinance a mixed-use property.

The sponsor’s existing loan was maturing, and they were waiting on their certificate of occupancy to refinance with a traditional long-term balance sheet lender. As an interim solution, Meridian arranged an 18-month bridge loan with a rate of 7.82%, interest-only payments and no prepayment penalty to meet the timeline and provide necessary flexibility. This transaction was negotiated by Meridian vice president, Judah Hammer, and associate, Michael Ryback.

Located on Metropolitan Ave. in the Williamsburg neighborhood, the four-story property features 17 studio, one-, and two-bedroom units in addition to three retail tenants on the ground level. The mixed-use property is close to the L subway line at the Bedford Ave. station, the J train at the Marcy Ave. station, and the G train at the Metropolitan Ave. station.