Hammer of Meridian negotiates $3.85 million loan

Judah Hammer, VP at Meridian Capital Group, LLC, has negotiated $3.85 million in financing for a mixed-use property located at 139 Essex St. The property is an 18-unit, five-story mixed-use building. The loan features a rate of 3% and a three-year term. "The challenge we faced was the time-of-the-essence closing on a building still in lease-up. Our client had signed a 60-day contract, with no mortgage contingency, to purchase this mixed-use property with half of the units on month-to-month leases or vacant," said Hammer. "Based on Meridian's unique relationship with the lender, we were able to obtain a commitment in three weeks and close within 45 days. Additionally, we structured a prepayment penalty that goes to zero after 24 months allowing our client to have flexibility to refinance the property upon stabilization."