756 Myrtle Avenue - Brooklyn, NY

Brooklyn, NY Meridian Capital Group has arranged $34 million in acquisition financing for the purchase of a multifamily property with retail and parking, located at the intersection of the Bedford Stuyvesant, Clinton Hill and Williamsburg neighborhoods. The six-story property, located at 756 Myrtle Ave., is comprised of 72 units, 17,000 s/f of retail space on the ground floor, partially occupied by Duane Reade and a 48-car parking garage.

The five-year loan, provided by a regional balance sheet lender, features a fixed-rate of 3.25% and an interest-only component. This transaction was negotiated by Meridian vice president, Sam Shifer.

The property, originally built as a condominium in 2009, has spacious units and amenities including a gym, sundeck with private roof cabanas and city views.

“Our client is very experienced as a New York operator and institutional investor,” said Shifer. “Considering the property’s luxury features and building amenities, as well as the strong rental market and the borrower’s ability to upgrade several of the amenities, the property offers solid upside in rents,” he said. “The lender understood the property’s potential and Meridian structured a deal to provide the borrower with flexibility and time to execute their strategy.”

Jacob Schmuckler, Meridian Capital

Additionally, Meridian arranged $6 million in permanent financing for the refinance of a multifamily property located at 35 Clinton Pl., New Rochelle. The seven-year loan, provided by a balance sheet lender, features a competitive fixed rate of 3.25%. This transaction was negotiated by Meridian senior vice president, Jacob Schmuckler.

The six-story multifamily property is comprised of 54 units, which includes studio, one bedroom and two bedroom apartments.

This pre-war building features vaulted ceilings, lawns, a laundry room and a parking garage. 35 Clinton Pl. is an elevator apartment building located within walking distance of the Metro-North train station and is three blocks from highway I-95. Tenants enjoy close proximity to a variety of stores and restaurants in this up and coming neighborhood.

“I believe that an influx of buyers and renters from New York City is creating an expanding market in downtown New Rochelle,” said Schmuckler. “To create the value in this transaction, I was able to leverage my strong relationship with the lender and obtain a competitive rate with prepayment penalty flexibility for the client.”

Founded in 1991, Meridian Capital Group is America’s most active debt broker and one of the nation’s leading commercial real estate finance advisory firms. In 2015, Meridian closed over 3,900 loans totaling more than $35 billion in transaction volume with 210 unique lenders, equating to $135 million per business day. Since inception, the company has closed more than $260 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian arranges financing for many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties.