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Meridian Arranges $137M Financing on BK Development Site
Meridian Capital Group arranged $137 million in acquisition and construction financing for 555 Broadway, a rental development site in Brooklyn, on behalf of Loketch Group, the Joyland Group and Meral Property Group.
The loan was provided by SCALE Lending, the lending arm of Slate Property Group. It was negotiated by Meridian senior managing director Morris Betesh and SVP Alex Bailkin, who are both based in the company’s New York City headquarters.
The property was purchased for $54 million last week by its new owners, and it spans 330,000 square feet. The owners plan to develop a property that will set aside income-restricted units under the Affordable New York program, 421a.
- ◦Development
- ◦Financing

