News:
Brokerage
Posted: March 1, 2016
Seidman and Neiss of Meridian arrange $10 million acquisition financing on behalf of Sugar Hill Capital Partners
Part of the Duke Portfolio - Brooklyn, NYBrooklyn, NY Meridian Capital Group recently arranged $10 million in acquisition financing for the Duke Portfolio, composed of five partially-vacant multifamily properties, on behalf of Sugar Hill Capital Partners.
The three-year loan, provided by a regional balance sheet, features a rate of 2.97% and full-term interest-only payments. This transaction was negotiated by Meridian vice president, Shamir Seidman, and associate, Daniel Neiss, who are both based in the company’s N.Y.C. headquarters.
Shamir Seidman, Meridian CapitalThe Duke Portfolio is composed of five partially-vacant multifamily buildings that total 51 units and are located in the Bedford-Stuyvesant and Bushwick areas of the borough. The properties are on Palmetto St., Pacific St., Macdonough St., Malcolm X Blvd. and Brooklyn Ave.
“The portfolio presented a unique value-add opportunity for Sugar Hill Capital Partners, which plans on investing in a significant capex program to repair, renovate and lease the properties,” said Seidman. “By negotiating traditional balance sheet financing at a below-3.00% interest rate, Sugar Hill Capital Partners will benefit from low carrying costs as well as enhanced prepayment flexibility.”
Tags:
Brokerage
MORE FROM Brokerage
Williams Equities leases 100,000 s/f at 470 Park Avenue South
Manhattan, NY Williams Equities leased 100,000 s/f of office and retail space at 470 Park Avenue South since acquiring the building 18 months ago.
Quick Hits
Columns and Thought Leadership
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.