Carol Shelby, Meridian Capital

Tal Savariego, Meridian Capital

8-01 Wyckoff Avenue, Ridgewood - Queens, NY

Queens, NY Meridian Capital Group has arranged $15 million in acquisition and construction financing for the purchase and development of a multifamily property on behalf of The Loketch Group.

The three-year loan, provided by Centennial Bank, features a floating-rate and interest-only payments for the full term. This transaction was negotiated by Meridian managing director, Carol Shelby, and vice president, Tal Savariego, who are both based in the company’s New York City headquarters.

The development, located at 8-01 Wyckoff Ave. in the Ridgewood neighborhood will total 54 units and high-end finishes when completed.

“Meridian arranged a competitive one-stop acquisition and construction loan that provided the borrower with funds to purchase the site and time to finalize building plans and construction buy-outs, at which time the borrower will convert to a construction loan,” said Savariego.

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