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.