Schwartz and Flax of Meridian Capital negotiate $6.8 million to refinance 300 Sullivan Place, Brooklyn

Brooklyn, NY Meridian Capital Group has arranged $6.8 million in permanent financing for the refinance of a multifamily property. The seven-year loan, provided by a balance sheet lender, features a competitive fixed-rate of 3.4%, interest-only payments for the full term and a step-down prepayment structure. This transaction was negotiated by Meridian associate Corey Schwartz, and managing director Brian Flax, who are both based in the company’s New York City headquarters. The six-story multifamily property, located at 300 Sullivan Place at the corner of Nostrand Ave., totals 68 units. The property was built in 1927 and has recently undergone renovations to increase revenue and tenant occupancy rates. “Meridian was able to negotiate a competitive seven-year, full-term interest-only loan, allowing the sponsor to use the additional proceeds for further improvements to the property and thereby increasing the value,” said Schwartz.