Meridian Capital Group arranges $137 million in financing; loan provided by SCALE Lending

Brooklyn, NY Meridian Capital Group arranged $137 million in acquisition and construction financing for 555 Broadway, a rental development site on behalf of Loketch Group, the Joyland Group, and Meral Property Group.

The loan was provided by SCALE Lending, the lending arm of Slate Property Group, and this transaction was negotiated by Meridian senior managing director, Morris Betesh, and senior vice president, Alex Bailkin.

Located at 555 Broadway in Williamsburg, the property was purchased for $54 million, and spans 330,000 s/f.

The owners plan to develop a property that will set aside income-restricted units under the Affordable New York program, 421A.

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