Meridian Capital Group arranges $38.2 million in condominium inventory financing for The Farrington in Flushing

Queens, NY Meridian Capital Group arranged a $38.2 million loan to refinance 73 residential units within The Farrington, a condominium property in Flushing, on behalf of George Xu of Century Development Group.

The condominium inventory loan was provided by a debt fund and features full-term interest only payments. This transaction was negotiated by Meridian senior managing director, Morris Betesh, and vice president, Omar Ferreira, who are both based in the company’s NYC headquarters.

Located at 134-37 35th Ave. in the Flushing neighborhood, The Farrington consists of 100 one- and two-bedroom condominium units located on the eighth to 15^th floors of the complex. The residences are situated above a 210-key Four Points Hotel in addition to nine retail stores spanning 11,654 s/f on the ground level. The Farrington also features 15,000 s/f of community facility space and a 253-spot parking garage. The sponsor has closed on the sale of 27 units with another 17 under contract. The 73 units collateralized by the loan include the 56 unsold units and seven of those that are under contract.

“Meridian was able to creatively structure a deal that maximized the mortgage recording tax assignment for the borrower as well as released over $100 million of encumbered collateral from the construction loan collateral. Given the strong velocity of sales at the property, we were able to identify a lender able to lend on the unsold condominium collateral from the property and give the borrower the benefit of realizing the proceeds from contracted units at closing. The Farrington is the premier condo property in Flushing; we look forward to seeing it continue its sales momentum and await the exciting opening of the remaining components of the project as COVID restrictions are lifted in the near future,” said Betesh.