New York & Tri-State + Uptown/Bronx + Apartments | June 9, 2021

Meridian Closes Loan for Soundview Multifamily Buy

Meridian Capital Group arranged $18.3 million in acquisition financing for the $24.4-million purchase of a multifamily property in the Bronx, on behalf of RJ Block Properties.

The five-year loan features a rate of 3.00% and three years of interest-only payments. The deal was negotiated by director Jacob Schmuckler and VP Meir Schlusselberg.

“Meridian was able to negotiate a favorable rate and close this loan for our client from start to finish in just 45 days as the market was starting to rise,” said Schmuckler.

Located at 1240 Morrison Ave. in the Bronx’s Soundview neighborhood, the 12-story multifamily property contains 154 studio-, one-, and two-bedroom apartments. The property includes an elevator, a live-in super, and a laundry room.

Residents benefit from easy access to the Cross Bronx Expressway, Bronx River Parkway, Arthur Sheridan Expressway, and the Bruckner Expressway, as well as the 6 train at the Morrison Avenue-Soundview Station.

Pictured: Jacob Schmuckler.

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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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