Meridian Capital Group negotiated $16.4 million in construction financing and $5.7 million in joint venture equity for a new Long Island City condo.
The deal was arranged on behalf of Rising Developers Group LLC and Stonecutter Capital Management LLC, a joint venture represented by Moshe Jacobowitz, Esq., for a ground-up condominium project located at 42-60 Crescent Street in LIC.
The two-year, interest-only construction loan was provided by a local bank. The joint venture equity totaled $5.7 million and was provided by Stonecutter Capital Management, LLC.
This transaction was negotiated by Meridian Capital vice president, Emanuel Westfried, who is based in the Company’s New York City headquarters.
The project is located across the street from Rockrose’s new Linc multifamily property and will contain approximately 40 units.
This development is Rising Developers Group’s fourth in the area. “Meridian has previously arranged financing between the developer and the lender, making this higher leverage construction loan more appealing as the bank was already comfortable with the sponsor’s ability to execute,” said Westfried.
“In addition to debt, Meridian sourced a highly qualified equity partner that specializes in smaller investments to complete the capital stack,” he added.