Meridian Capital Group negotiated $38 million in permanent financing for a multifamily property located on Hope Street in the trendy Williamsburg neighborhood of Brooklyn, NY on behalf of 53 Hope Street, LLC.
The 10-year loan features a fixed-rate of 4.28% and was provided by a life insurance company.
The transaction was negotiated by Meridian Capital Group managing director, Aaron Appel, and vice president, Michael Diaz, who are both based in the company’s New York City headquarters.
The six-story former warehouse property, located at 55 Hope Street, was acquired in 2010. The sponsor renovated the property into a high-end multifamily property with 117 apartments and 4,300 s/f of retail space.
The building features state-of-the-art amenities including a fitness center and a roof deck with stunning views of New York City.
“The sponsor executed an exceptional redevelopment of 55 Hope Street into a market leading rental property,” said Appel. “The lender quickly recognized this and worked aggressively to refinance the asset and provide very competitive terms.”