Meridian Capital Group arranges $43.8 million

New York, NY Meridian Capital Group arranged $33.9 million in financing to refinance two multifamily properties in the Bronx, and $9.9 million to refinance a multifamily property in Brooklyn.

The seven-year loans, provided by a balance sheet lender, feature fixed rates of 2.63% and one year of interest-only payments followed by 30-year amortization schedules. These transactions also have the benefit of not having a COVID debt service reserve, a requirement nearly every lending institution has imposed over the last 12 months. These transactions were negotiated by Meridian managing director, Judah Hammer, and vice president, Daniel Neiss.

The two Bronx properties are located at 1994-54-1980 Unionport Rd. and 733-739 Arnow Ave. and total 341 units and two commercial spaces. Both buildings are close to an array of restaurants, shops, and cultural institutions, including the Bronx Zoo and the New York Botanical Garden. Residents also benefit from access to the 2 and 5 subway lines at the Bronx Park East station.

Located at 535 Parkside Ave. in the Prospect Lefferts Gardens neighborhood of Brooklyn, the third property stands six stories tall and consists of 96 studio-, one-, two-, and three-bedroom units. In addition to proximity to Prospect Park, residents enjoy immediate access to neighborhood eateries, shops, hospitals, and schools. The property is also within walking distance from the 2, 5, and Q subway lines at the Winthrop St. and Parkside Ave. stations.

“Despite the fact that Treasuries have spiked more than 75 basis points since we began working on these transactions in December 2020, Meridian’s unique relationship with the lender allowed our client to lock-in the interest rate at application and streamline the process, thereby taking the rate risk off the table from the beginning,” said Hammer.