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Pi Capital Lands $75M Refi on Elmhurst Rentals
Meridian Capital Group arranged $75 million in financing to refinance Elm West, a multifamily property in the Elmhurst neighborhood of Queens, on behalf of Pi Capital Partners.
The five-year low-leverage loan was provided by a balance sheet lender at a favorable interest rate. This transaction was negotiated by Meridian Senior managing director Cary Pollack, and VP Judah Neuman, based in the company’s New York City headquarters.
Located at 85-15 Queens Blvd., the seven story, multifamily property is comprised of 42 units, 25,737 square feet of retail space, 30,944 square feet of space leased to a charter school, a 4,131 square-foot community facility space and indoor parking. Pi Capital developed the property and completed construction in 2019.
“We are once again pleased to work with the Pi family to provide permanent financing at extremely attractive terms that are reflective of a high-quality sponsor and property,” said Pollack.
- ◦Financing
