Meridian Capital Group arranged $11.3 million in financing for the construction of a multifamily development in Brooklyn, NY on behalf of Residential Development Group.
The 30-month loan, provided by a balance sheet lender, features a rate of 3.50 percent over 30-day LIBOR and full-term interest-only payments.
This transaction was negotiated by Meridian Vice Presidents, David Oheb and Michael Neumann.
Located at 782 New York Avenue in Brooklyn’s Prospect-Lefferts Gardens neighborhood, the seven-story property will include 39 one- and two-bedroom residential units, 3,450 s/f of community space, and a 12-car indoor parking garage, totaling more than 42,000 s/f in all.
Property amenities will feature a virtual doorman, laundry room, bike room, fitness center, recreation room, and rooftop terrace.
Situated on a corner in Prospect-Lefferts Gardens, the property is two blocks from Prospect Park and directly across from Kings County Hospital and SUNY Downstate Medical Center.
“With Residential Development Group’s outstanding development track record, and the property’s prime Prospect-Lefferts Garden location across form Kings County Hospital, we were able to run a highly competitive bidding process and negotiate below-market financing terms on behalf of the borrower in a constrained construction lending environment,” said Oheb.