Meridian Capital Group negotiated $15.4 million in acquisition and construction financing for a mixed-use condominium development in the East Village on behalf of Barrett Design.
The 18-month loan, provided by a balance sheet lender, features a floating rate of 6.50 percent and full-term interest-only payments with two six-month extension options.
The financing was negotiated by senior managing director Tal Bar-or who is based in the company’s New York City headquarters.
The development site, located at Three East Third Street, is planned to contain a 4,969 s/f retail condominium, including the mezzanine and basement levels, and five residential units above. The unit mix will include four full floor units and a 1,967 s/f duplex penthouse.
“It was a pleasure and an honor to work with Barrett Design, an architecture and real estate firm known for its distinctive high-quality residential condominiums” said Tal Bar-Or.
“I am confident that Barrett Design’s new building will be a beautiful addition to the neighborhood.”