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Williamsburg Mid-Rise Lands Nearly $20M Financing
Berkadia has arranged $19.6 million in financing for 240 Meeker, a mid-rise condominium development in Brooklyn’s Williamsburg neighborhood. Stewart Campbell of Berkadia’s Manhattan office secured the financing on behalf of New York-based 240 Meeker Avenue Corporation.
The 10-year, permanent Fannie Mae loan features a 4.37% fixed interest rate and six years of interest-only payments. “The new loan financing provided a great long-term rate, while maximizing proceeds and property cash flow with 72 months of interest-only payments,” said Campbell.
The 46-unit, post-war 240 Meeker Ave. property features one and two-bedroom floor plans, with natural light and terraces or balconies in every unit. Community amenities include an elevator, a roof-deck, laundry facilities and on-site parking.
Residents also have convenient access to McCarren Park, the Museum of Food and Drink Lab, Brooklyn Winery, Williamsburg Cinemas, the Music Hall of Williamsburg and a variety of shops and restaurants within the Williamsburg area.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
