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Deals & Dealmakers

Bethpage Federal Credit Union closes biggest deal to date

Debt broker Meridian Capital Group has arranged $28 million in permanent financing for the refinance of a multi-tenant medical office property located in Brooklyn.

The five-year loan, provided by Bethpage Federal Credit Union, features a fixed-rate of 4.25 percent and the ability to pre-pay at any time without a penalty.

Photo by khrawlings/ Flickr
Photo by khrawlings/ Flickr

The transaction was negotiated by Meridian managing director Shaya Ackerman, and senior vice president Shaya Sonnenschein, who are both located in the company’s New York City headquarters.

The eight-story property, totaling 72,300 s/f, is located at 902 Quentin Road in the Sheepshead Bay neighborhood in close proximity to Kings Highway, Ocean Parkway and the B and Q Subway lines.

The property is currently anchored by New York University and Touro College.

“Having previously arranged the construction financing for this property, we already knew everything about the building, area and sponsorship, which gave us a unique advantage,” said Ackerman.

“Using this knowledge in combination with Meridian’s strong lender relationships, we were able to structure a very flexible takeout loan that is also Bethpage Federal Credit Union’s largest closed loan to date.”

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