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Deals & Dealmakers

LIC luxury project gets $15.5M construction loan

Meridian Capital Group negotiated $15.5 million in construction financing for the ground-up development of a 43-unit luxury multifamily property in Queens, NY on behalf of the Hakimian Organization.

The ­­­­­three-year loan, provided by a foreign lender, features a competitive LIBOR-based floating-rate and interest-only payments for the full term. This transaction was negotiated by Meridian Capital Group Executive Vice President, Jeff Weinberg, and Managing Director, Jonathan Bodner, who are based in the Company’s New York City headquarters.

The Hakimian Organization is approved to build a 15-story, 43-unit luxury multifamily building at 41-32 27th Street in the burgeoning Long Island City neighborhood of Queens. Amenities will include a rooftop sundeck, an indoor/outdoor lounge with WiFi, a fitness center and tenant storage. The property is located within steps of the 7, N and Q subway lines and a five-minute walk from the E, F, M and R trains, providing future residents unparalleled transportation to Manhattan, Brooklyn and the rest of Queens. In addition, the property is adjacent to Queens Plaza, which is surrounded by dozens of other in-construction and planned residential, hotel and retail developments.

“Meridian worked seamlessly with the lender to arrange very competitive financing, uniquely tailored to the needs of our client, for this prime Long Island City development,” said Mr. Weinberg.

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