Meridian Capital Group negotiated a $44.8 million loan and $15.5 million in joint-venture equity for the construction of a multifamily property in Astoria, Queens.
The three-year interest-only loan, provided by a CIT Real Estate Finance, a middle-market balance sheet lender, features a LIBOR-based floating-rate and two one-year extension options.
The $15.5 million of joint-venture equity was provided by Glenmont Capital Management.
These transactions were negotiated by Meridian Capital Group managing director Tal Bar-Or, who is based in the company’s New York City headquarters.
The site was acquired in an off-market transaction and is currently an operating parking lot that has been under continuous ownership and management for nearly 35 years.
The site will be delivered vacant and the sponsor plans to build a 143,320 gross square foot structure that will include parking, retail, storage, a community facility and 114 rental apartments.
The retail component is supported by the nearly 325 feet of frontage along 31st Street.
The building will feature a 24-hour doorman, sound-proof construction, on-site parking, a laundry room, bicycle storage, a media room, a fitness and yoga room, grocery storage, tenant storage as well as active and passive roof decks for grilling, sunbathing and lounging.
“We are pleased to have arranged non-recourse construction financing at 70 percent loan-to-cost for our clients,” said Bar-Or.
“With a new development team, developing location and significant retail component, it took a well-informed lender to understand the merits of this project and we are fortunate to have been able to work with Matt Galligan, president of CIT Real Estate Finance, to cultivate what we believe will be a long-lasting relationship between the sponsors, CIT and Meridian.”
The deal comes as Meridian continues to grow its equity capital markets practice in 2015.