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Meridian Arranges $115M Refi for Midwood Apartment Project
Meridian Capital Group negotiated $115 million in financing for the cash-out refinance of a multifamily property midway through construction in Brooklyn’s Midwood section, on behalf of Hampshire Properties. The loan for Hampshire’s 1277 E. 14h St. was provided by Square Mile Capital, and was arranged by Meridian’s Morris Betesh (pictured), Justin Boruchov and Daniel Belecen.
“Refinancing a loan during construction is an extremely challenging task, but Hampshire Properties is a premier multifamily owner and developer, and we were able to leverage their decades of expertise in multifamily management in the Midwood area to benefit the terms of the deal,” said Betesh.
The project occupies the former site of the Shulamith School for Girls, which is also the former site of Vitagraph Studios. The eight-story building will feature 302 one, two, and three-bedroom units, 150 parking spaces, a fitness center, game room, concierge desk and rooftop with views of the Manhattan skyline.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
