Dealmaker: Meridian Capital Arranges $52M for Multifamily Assets
Tucker, Michael email@example.com
Meridian Capital Group, New York, arranged $52 million in refinancing and acquisition funds in New Jersey and New York.
Meridian Managing Director Shaya Ackerman and Senior Vice President Shaya Sonnenschein arranged $39 million in acquisition financing for Prospect Pointe, a 372-unit multifamily property in Jackson, N.J.
"Prospect Pointe is in an excellent location with high potential and historically low vacancies," Ackerman said, noting that a balance sheet lender provided the seven-year fixed-rate loan at 3.5 percent.
In Brooklyn, N.Y., Meridian Senior Vice President Jacob Schmuckler arranged $9 million for a six-story multifamily property at 65 Lenox Road in Flatbush. The seven-year fixed-rate loan priced at 3.5 percent and included one year of interest-only payments.
"The client plans to reposition this multifamily asset and lenders recognized the upside potential for the property," Schmuckler said. He noted that the 1948-vintage property is within walking distance of the B, Q, 2 and 5 subway lines and is near both John F. Kennedy International Airport and La Guardia Airport.
Elsewhere in Brooklyn, Meridian Managing Director Brian Flax, Associate Blake Orman and Associate Ami Levin secured $4 million to refinance a mixed-use property in the Sheepshead Bay neighborhood. Flax said the 3.28 percent five-year loan included three years of interest-only payments. "An interest-only period beyond one year is challenging to obtain in the current lending environment but was essential to making this loan work for our client," he said.
The three-story property at 2971 Ocean Avenue includes eight apartments and four commercial units.