New York & Tri-State + Outer + Finance | June 8, 2022

Meridian Capital Group arranged a $48-million takeout bridge loan for 100 Lenox Rd., a new-construction apartment property in Brooklyn

Meridian Arranges Takeout Loan for New-Construction Brooklyn Multifamily

Meridian Capital Group arranged $48 million in financing for 100 Lenox Rd., a multifamily property in Brooklyn’s Prospect Lefferts Gardens neighborhood.

The construction takeout bridge loan was provided by a debt fund, and was negotiated by Meridian senior managing director Morris Betesh and VP Morris Dabbah, both based at the company’s New York City headquarters.

The new construction, eight-story 89,622 square foot multifamily property includes 95 units with condominium-level finishes. It’s located a 10-minute walk to Prospect Park and a block away from Flatbush Avenue, the main retail/commercial corridor serving the neighborhood.

“We are grateful for the opportunity to work on this financing solution with our clients who were able to recapture equity while lowering their borrowing costs and providing them with the runway needed to lease up and stabilize this impressive new-construction property in the heart of Prospect Lefferts Gardens,” said Betesh.

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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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