Meridian Capital Group arranged $30.4 million in agency financing on behalf of ABJ Properties, Inc. to refinance two multifamily portfolios, consisting of three properties in Harlem and 12 properties in Morningside Heights.
The five-year Freddie Mac Small Balance Loans, provided by Capital One Multifamily Finance, feature fixed rates of 3.20 percent and two years of interest-only payments.
The transactions were negotiated by Meridian vice president Baruch Pelcovitz.
The two portfolios, located in Harlem and Morningside Heights, total 15 multifamily properties, consisting of 161 units and three retail spaces.
“Despite the challenges created by interest rate volatility, Meridian was able to negotiate a five-year term with two years of interest-only payments,” explained Pelcovitz. “Both portfolios were regulated by city agencies, which added unique complexities in placing the loan with the appropriate lender.ˮ