Meridian Capital Group, a national commercial real estate finance and advisory firm, announced that the company arranged financing for 20 loans totaling $62.7 million for multifamily and mixed-use properties located across Manhattan, Brooklyn The Bronx and New Jersey.
Thee transactions were negotiated by vice president Judah Hammer, who is based in the company’s New York City headquarters.
Averaging a deal a day over the 20 days, Hammer arranged financing from a mix of local balance sheet lenders sums ranging from $630,000 to $8,500,000.
The properties, in combination, total 492 residential units and 9,200 s/f of retail space.
Year-to-date in 2014, Hammer has closed a total of 59 loans, averaging nearly 2.5 transactions per week.
Said Hammer, “Although my business has been primarily volume driven in the first half of the year, I pride myself on providing a very high level of close personal attention on every transaction.
“Many of these loans were for value-add projects and acquisitions which required more tailored structures and specific negotiations with the lender to achieve what the client was looking to accomplish,” he added.
The broker’s recent deals include a $5.5 million loan for a six-story multifamily property totaling 43 units located at 550 Ocean Avenue in the Prospect Park South neighborhood of Brooklyn.
This four-year loan features a competitive fixed-rate of 2.75% and a 30-year amortization schedule.
Another transaction Hammer closed for separate sponsorship was a $2.4 million mortgage for a two-building, 43-unit multifamily property located at 1611 Foster Avenue, also in the Prospect Park South neighborhood of Brooklyn.
This four-year balance sheet loan features a competitive fixed-rate of 2.875% and a 30-year amortization schedule.