Meridian Capital Group arranged $42 million in financing for the acquisition and renovation of a multifamily property on the Lower East Side, on behalf of AMAC Holdings.
The seven-year loan, provided by a balance sheet lender, features a competitive rate and three years of interest-only payments, followed by a 30-year amortization schedule.
Meridian Senior Managing Director Tal Bar-Or, and Vice President Richard Sutton, who are both based in the company’s New York City headquarters, negotiated the financing in this transaction.
The eight-story property, located at 10 Rutgers Street, features 83 units and is located at the intersection of the Lower East Side and Two Bridges neighborhoods, directly across the street from Seward Park.
AMAC Holdings, has plans to substantially reposition the property through an extensive renovation.
“We are proud to have matched AMAC with Raymond James to provide a highly tailored solution that will act as a blueprint for a successful relationship going forward,” said Bar-Or.