Taub of Meridian negotiates $26.5 million for Brooklyn multifamily

Brooklyn, NY  Meridian Capital Group has negotiated $26.5 million in permanent financing to refinance a multifamily property. The five-year mortgage, provided by a regional balance sheet lender, features a highly-favorable rate of 3% and two years of interest-only payments. This transaction was negotiated by Meridian Capital Group vice president, Joseph Taub, who is based in the company’s New York City headquarters. The multifamily property is located on Shore Rd. and faces the Narrows. It totals 138 apartments and two professional units and has been owned by the same family that built it in the 1930’s. “Meridian successfully maximized leverage for the sponsorship and was able to procure two years of interest-only payments to enhance cash flow at the beginning of the loan term,” said Taub.