399 Flatbush Avenue, Prospect Heights - Brooklyn, NYBrooklyn, NY Meridian Capital Group has arranged $2.5 million in permanent financing for a retail condominium located on Flatbush Ave.
The 10-year loan, provided by a balance sheet lender, features a competitive fixed rate of 4%. This transaction was negotiated by assistant vice president, Eli Serebrowski, who is based in the company’s New York City headquarters.
The single-story, one-unit commercial condo, located at 399 Flatbush Ave. in the Prospect Heights neighborhood, houses a Chase Bank that has been at this location for approximately 60 years. The property is within walking distance to some of the area’s major attractions, such as the Brooklyn Museum and the Brooklyn Botanic Garden and is across from the entrance to Prospect Park. 399 Flatbush Ave. also benefits from its close proximity to the 2, 3, 4, B, and Q subway lines.
“The challenge this transaction faced was a lease rolling in four years while sponsorship was seeking a non-recourse 10-year fixed-rate loan,” said Serebrowski. “We were able to leverage our relationship with local lenders to overcome this challenge and obtained a fixed-rate 10-year loan, non-recourse with the final five years with no prepayment penalty,.”