Zlotnick of Meridian Capital Group negotiates $31.6 million loan to refinance nine-property portfolio

Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, has negotiated a $31.6 million loan to refinance a nine-property multifamily portfolio located throughout Manhattan, the Bronx and Long Island. The five-year loan, provided by a regional balance sheet lender, features a competitive fixed-rate of 3.25% and two years of interest-only payments followed by a 30-year amortization schedule. This transaction was negotiated by Meridian vice president, David Zlotnick, who is based in the company's New York City headquarters. The nine-property multifamily portfolio totals 456 units and includes assets located on Academy St. in Manhattan; Gerard Ave., Creston Ave., Tryon Ave., East 180th St., Wythe Place, and Valentine Ave. in the Bronx; and Fulton Ave. in Hempstead. "Meridian leveraged our unique relationship with existing lender to reduce the prepayment penalty and allow the borrower to cash out approximately $4.5 million," said Zlotnick. "We provided the borrower with favorable financing, including two years of interest-only payments, that will enhance cash flow over this period."