New York & Tri-State + Outer + Finance | July 19, 2021

Meridian Arranges $251M Financing on 15-Property Apartment Portfolio

Meridian Capital Group arranged $250.5 million of senior and mezzanine financing for The Kings Portfolio, a multifamily portfolio in Brooklyn and Staten Island.

The 10-year loan features full-term interest-only payments. It was negotiated by Meridian EVP Avi Weinstock and managing director Chaim Tessler.

The portfolio consists of 15 multifamily properties totaling 1,439 units across 1.5 million square feet, with 14 located in Brooklyn and one on Staten Island. Seven of the Brooklyn properties are located in East Flatbush; the others are in Midwood and Flatlands. The final property is located in Staten Island’s Oakwood neighborhood.

“We were able to assist our client in capitalizing on shifting market conditions by taking advantage of the current low interest rate environment and leveraging our strong lender relationships to tailor a long-term product that fit the sponsor’s needs,” said Tessler.

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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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