Meridian Capital Group Arranges $8.25M Refinance Loan For Multifamily Property In New Orleans

The Schaeffer Building, located at 201 N. Rampart Street in New Orleans, is a newly renovated, 38,000 SF multifamily property. This historic building, originally constructed in 1923, was initially built as a showroom and workshop for Alsatian furniture purveyor J.P. Schaeffer. The property is situated on the periphery of the French Quarter, offering a prime location.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $8,250,000

The financing for this project was handled by John Bianco from Meridian Capital Group. The loan amount for the refinance was $8,250,000. It is a fixed-rate loan with an interest rate of 3.75%. The loan terms include 5 years fixed, followed by a 6-month interest-only period, and then a 30-year amortization schedule. This financing structure allows the borrower to recapture their equity and secure strong cash flow for the future.

Meridian Capital Group, represented by John Bianco, is one of the most active real estate finance and advisory firms in America. In 2022 alone, they have closed over $55 billion in financing across various property types, including multifamily, office, retail, hotel, mixed-use, industrial, and construction. Their extensive network of deep lender relationships enabled them to secure aggressive permanent financing for the Schaeffer Building, benefiting the borrower and allowing them to focus on their next project.

For more information on how Meridian can add value to your portfolio, please contact John Bianco at (212) 612-0297 or [email protected].