New York & Tri-State + Outer + Finance | July 14, 2021

Meridian Arranges Financing on Bed-Stuy Workforce Housing

Meridian Capital Group arranged $11.7 million in financing to refinance one of Iris Holdings Group’s affordable workforce housing projects in Brooklyn. The properties are located at 189-191-193 Jefferson Ave. and 39 and 44 MacDonough St. in Brooklyn’s Bedford-Stuyvesant neighborhood

The 10-year Freddie Mac loan features a floating rate and two years of interest-only payments followed by a 30-year amortization schedule. The transaction was negotiated by Meridian managing director Isaac Filler, and associate Yossi Koschitzki, both based in the company’s New York City headquarters.

Iris Holdings Group is an active nationwide affordable housing developer and investor with several similar projects in the five boroughs. Residents at the Bed-Stuy development benefit from proximity to numerous shops, restaurants, and bars, as well as various transportation options, including the A and C subway lines and the Long Island Rail Road at the Nostrand Avenue station.

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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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