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Meridian Capital Group arranged $137 million in acquisition and construction financing for 555 Broadway, a rental development site in Brooklyn

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. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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