Meridian Capital Group arranged a $38.2-million loan to refinance 73 residential units within The Farrington, a condominium property in Queen’s Flushing neighborhood, on behalf of George Xu of Century Development Group.
The condominium inventory loan was provided by a debt fund and features full-term interest-only payments. It was negotiated by Meridian senior managing director Morris Betesh and VP Omar Ferreira.
“Meridian was able to creatively structure a deal that maximized the mortgage recording tax assignment for the borrower as well as released over $100 million of encumbered collateral from the construction loan collateral,” said Betesh.
He continued, “Given the strong velocity of sales at the property, we were able to identify a lender able to lend on the unsold condominium collateral from the property and give the borrower the benefit of realizing the proceeds from contracted units at closing.”
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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