New York & Tri-State + Outer + Apartments | March 17, 2021

Meridian Team Structures Multifamily Refis in Bronx, Brooklyn

Meridian Capital Group’ Judah Hammer and Daniel Neiss arranged $33.9 million in financing to refinance two multifamily properties in the Bronx and $9.9 million to refinance one in Brooklyn. The seven-year loans from a balance sheet lender feature fixed rates of 2.63% and one year of interest-only payments followed by 30-year amortization schedules.

The two Bronx properties are located at 1994-54-1980 Unionport Rd. and 733-739 Arnow Ave., and total 341 units and two commercial spaces. Located at 535 Parkside Ave. in the Prospect Lefferts Gardens neighborhood of Brooklyn, the third property includes 96 units.

“Despite the fact that Treasuries have spiked more than 75 basis points since we began working on these transactions in December 2020, Meridian’s unique relationship with the lender allowed our client to lock-in the interest rate at application and streamline the process, thereby taking the rate risk off the table from the beginning,” said Hammer.

Pictured: Judah Hammer.

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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).