Rhine and Weinstock of Meridian arrange $15 million in financing; On behalf of DSA Property Group in the financial district

Meridian Capital Group, LLC, one of the leading national commercial real estate finance and advisory firms, negotiated a $15 million mortgage for the refinancing of a multifamily property located on Maiden Ln. in the borough's financial district on behalf of DSA Property Group. The five-year loan, provided by a regional balance sheet lender, features a fixed-rate of 3.03% and full-term interest only payments. This transaction was negotiated by Meridian Capital Group executive vice president, Avi Weinstock and vice president, Josh Rhine, who are both based in the company's New York City headquarters. The 16-story property containing 66 units and 9,000 s/f of retail space is located at 9-11 Maiden Ln. The loft-style apartments feature high ceilings and large windows indicative of the period when the building was constructed in 1900. "Meridian added significant value by negotiating a reduction in the prepayment penalty that lowered the cost of refinancing substantially for the borrower and allowed the lender to keep this top-quality asset on its books. Furthermore, Meridian structured interest-only payments for the full-term of the loan and our client was able to rate lock when treasury yields dropped making this transaction even more accretive," said Rhine. "We are proud to work with this unique sponsorship group and look forward to building upon the success of this transaction with them in the future," he said. "Josh and Avi at Meridian proved yet again that they are the most efficient mortgage brokers in the market," said Arik Lifshitz of DSA Property Group. "Not only did we get great terms from the lender, but Meridian managed the process from start to finish, ensuring a smooth transaction," he said.