Meridian Capital Group negotiated a $45 million loan to refinance the Continental Portfolio consisting of 13 multifamily properties located throughout the Bronx, NY.
The five-year balance sheet loan features a competitive LIBOR-based rate and was provided by a local community bank.
This transaction was negotiated by Meridian Capital Group managing director Tal Bar-Or, and associate Kyle Kite, who are both based in the company’s New York City headquarters.
The Continental Portfolio totals 597 units and includes assets located at 2442 Morris Avenue, 1711 Morris Avenue, 1704 Morris Avenue, 1685 Morris Avenue, 1727-1729 Walton Avenue, 1715-1717 Walton Avenue, 1170 Gerard Avenue, 1165 Gerard Avenue, 2333 Loring Place North, 2322 Loring Place North, 2226 Loring Place North, 4138 Barnes Avenue and 1236 Grand Concourse in the Bronx, NY.
“We are pleased to have structured a very compelling loan for our clients while fulfilling the mission of the lender to finance high-quality assets for top sponsorship in the New York marketplace,” said Bar-Or.
“The client was able to obtain an interest-only floating-rate loan that will maximize cash flow and provide flexibility to improve these assets and either sell or refinance without an onerous prepayment penalty.”