Meridian Capital Group arranged $19 million in construction take-out financing for the refinance of a mixed-use property located in the Midwood neighborhood of Brooklyn, NY.
The seven-year loan, provided by a local balance sheet lender, features a fixed rate of four percent.
The transaction was negotiated by Meridian associate Blake Orman, who is based in the company’s New York City headquarters.
The property, located at 1122 Chestnut Avenue, is a seven-story mixed-use building with 57 class-A rental units and 12,600 s/f of ground-floor commercial space. Building amenities include high-speed elevators, parking with optional valet service, a laundry facility and a bicycle storage room.
“1122 Chestnut is a newly developed contemporary-style building with a sophisticated interior, making it a stand-out property in the neighborhood,” said Orman. “The lender recognized the value created by our client and Meridian was able to negotiate a seven-year non-recourse loan that provided significant proceeds above the property’s cost basis.ˮ