Meridian Capital Group arranged $34 million in acquisition financing for the purchase of a multifamily property with retail and parking, located at the intersection of the Bedford Stuyvesant, Clinton Hill and Williamsburg neighborhoods in Brooklyn, NY.
The five-year loan, provided by a regional balance sheet lender, features a fixed-rate of 3.25 percent and an interest-only component.
This transaction was negotiated by Meridian Vice President Sam Shifer, who is based in the company’s New York City headquarters.
The six-story property, located at 756 Myrtle Avenue, is comprised of 72 units, 17,000 s/fof retail space on the ground floor, partially occupied by Duane Reade and a 48-car parking garage.
The property, originally built as a condominium in 2009, has spacious units and offers a variety of amenities, including a gym, sundeck with private roof cabanas and spectacular city views.
“Our client is very experienced as a New York operator and institutional investor,” explained Shifer. “Considering the property’s luxury features and building amenities, as well as the strong rental market and the borrower’s ability to upgrade several of the amenities, the property offers solid upside in rents.
“The lender understood the property’s potential and Meridian structured a deal to provide the borrower with flexibility and time to execute their strategy.”