Seidman of Meridian arranges $22 million acquisition; Schmuckler of Meridian secures $5.6 million

Shamir Seidman, Meridian Capital Group

1975 Lafontaine Avenue - Bronx, NY

Jacob Schmuckler, Meridian Capital

Brooklyn, NY Meridian Capital Group has secured financing for two properties totaling $27.5 million.

Meridian arranged $22 million in acquisition financing for the purchase of a multifamily property located on the border of East Williamsburg and Bushwick, for Sugar Hill Capital Partners. The five-year loan, provided by a regional balance sheet lender, features a competitive fixed-rate in the 3.00% range with one-year of interest-only payments and a five-year extension option. This transaction was negotiated by Meridian vice president, Shamir Seidman and associate, Daniel Neiss.

The three-story multifamily property is a 55,350 s/f, 51-unit loft building located at 315 Seigel St. on the border of East Williamsburg and Bushwick, two of Brooklyn’s fastest-growing residential neighborhoods. The property is adjacent to the L subway line at the Morgan Avenue subway stop and is steps from numerous notable restaurants, cafes and bars, as well as art galleries and other cultural attractions. Sugar Hill plans to upgrade the building amenities.

“Given Sugar Hill’s track record in repositioning multifamily assets in Brooklyn, lenders understood the potential upside value of the asset,” Seidman said. “Meridian made a market for this value-add transaction amongst balance sheet lenders and negotiated terms for an underutilized asset that will enhance the community.”

The firm also arranged $5.6 million in acquisition financing for the purchase of a multifamily property located in the Bronx. The seven-year loan, provided by a balance sheet lender, features a competitive fixed rate of 3.50% with two years of interest-only payments. This transaction was negotiated by Meridian senior vice president, Jacob Schmuckler.

The five-story property, located at 1975 Lafontaine Ave. in East Tremont neighborhood in the Bronx, houses 50 units and two commercial spaces.

The walk-up apartment building is situated across the street from scenic Tremont Park and tenants enjoy easy access to the B and D subway lines, as well as the Metro North train station.

“East Tremont is densely populated and the neighborhood is walkable, which makes it a desirable residential area with increasing property values,” said Schmuckler. “This neighborhood is known for its cultural diversity, which offers a variety of authentic restaurants and stores,” he added. “This deal was very time sensitive, but because it was a purchase and I was able to leverage my relationship with the lender and close within a short time period while meeting all of my client’s expectations.”