Meridian Capital Group arranged $7.5 million in first mortgage financing for a multifamily portfolio in Bay Ridge, Brooklyn, on behalf of a local real estate investor.
The 15-year self-liquidating financing package features a rate of 3.50% and was provided by a local savings bank.
The loans were negotiated by Meridian associate Joshua Sabzevari, who is based in the company’s New York City headquarters.
The fully-leased portfolio is composed of thee multifamily buildings totaling 113 units located on Marine Avenue, 82nd Street and 92nd Street.
“The sponsor initially planned to refinance a single building, but after a period of interest rate volatility he added two additional properties to the refinancing to best capitalize on a proprietary 15-year self-liquidating program Meridian was offering,” said Sabzevari.
“Rates rose after the application was submitted, but due to Meridian’s significant relationship with the lender we were able to preserve the rate and terms and close as initially quoted.”