Meridian Arranges 7-Year Loan on Lower East Side Multifamily
AMAC Holdings has lined up $42 million in financing to acquire and renovate an eight-story Lower East Side multifamily property. Meridian Capital Group’s Tal Bar-Or and Richard Sutton arranged the seven-year loan from a balance sheet lender on AMAC’s behalf.
Located at 10 Rutgers St. at the intersection of the LES and Two Bridges neighborhoods, the 83-unit apartment building is located in an up-and-coming area across from Seward Park, with numerous dining and nightlife options and a thriving arts scene. AMAC plans to substantially reposition the property through an extensive renovation.
The loan comes with three years of interest-only payments, followed by a 30-year amortization schedule. “We are proud to have matched AMAC with Raymond James to provide a highly-tailored solution that will act as a blueprint for a successful relationship going forward,” said Bar-Or.
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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