A local investor borrowed $19 million to refinance 1122 Chestnut Ave., a seven-story apartment property in Brooklyn’s Midwood neighborhood.

“1122 Chestnut is a newly developed contemporary-style building with a sophisticated interior, making it a stand-out property in the neighborhood,” said Blake Orman with Meridian Capital Group. “The lender recognized the value created by our client, and Meridian was able to negotiate a seven-year non-recourse loan that provided significant proceeds above the property’s cost basis.”

The property includes 57 class-A rental units, and 12,600 square feet of ground-floor commercial space. Rents start at $2,400 for an available two-bedroom. A local balance sheet lender provided the seven-year loan, featuring a low fixed rate of 4%, which replaces the property construction financing.

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