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.