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Jamaica MXU Secures Construction Loan
Meridian Capital Group has arranged $15.7 million in construction financing for a mixed-use property in Queens’ Jamaica neighborhood. The development, 138-30 Queens Blvd., will include 64 apartments and three ground-floor retail units.
The 24-month construction loan, provided by a balance sheet lender, features a prime-based floating rate and full-term interest-only payments. The deal was negotiated by Meridian’s David Hayum and Luke Hingson, who are both based in the company’s New York City headquarters.
“Due to the sponsor’s strong track record, Meridian was able to arrange a financing solution that provided maximum leverage for the construction while also securing favorable terms,” said Hayum.
The property benefits from a 35-year 421-a tax benefit, and an ICIP tax benefit for the commercial space, as 30% of the apartments will be affordable units, Meridian said.
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