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Meridian Capital Group Secures $68M Construction Loan For Gowanus Multifamily Property

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FINANCED
$68,000,000
Omar Ferreira
Morris Betesh

New York

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Development Site12,750 SF
Financed 03/01/2024
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FINANCED

Meridian Capital Group Secures $68M Construction Loan For Gowanus Multifamily Property

125 3rd Street

See Similar Deals
Development Site12,750 SF
Financed 03/01/2024
Omar Ferreira
Morris Betesh
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$5,333
Total Square Footage:12,750 SF
Transaction Type:Loan

The multifamily property located at 125 3rd Street in Gowanus, Brooklyn spans 134,500 square feet and includes 130 units. It also features 12,750 square feet of retail space. The property owners are Joel Wertzberger and Konstantin Gubareff. The loan for this asset amounted to $68,000,000, specifically designated for construction purposes.

Summary of transation details:

  • Property Type: Multifamily
  • Transaction Amount: $68,000,000
  • Market: Gowanus, Brooklyn
  • Units: 130
  • Landlord: Joel Wertzberger & Konstantin Gubareff
  • Broker: Morris Betesh & Omar Ferreira - Meridian Capital Group

The loan for the multifamily property was secured with the assistance of brokers Morris Betesh and Omar Ferreira from the Meridian Capital Group. The individual borrowers involved in this deal are not specifically mentioned in the provided context.

Players

Morris Betesh
Arrow Real Estate Advisors
Morris Betesh
211 deals$12.3B volume(646) 825-7005
BROKER
Omar Ferreira
Arrow Real Estate Advisors
Omar Ferreira
61 deals$3.3B volume(646) 825-7013
BROKER
Meridian Capital Group
Meridian Capital Group
BROKERAGE

Details

FINANCED
IMAGE: Joel Wertzberger, Konstantin Gubareff, Morris Betesh, Omar Ferreira, Allan Lebovits, Pinny Loketch & Moishe Loketch DATE: 03/01/2024 ADDRESS: 125 3rd Street MARKET: Gowanus, Brooklyn ASSET TYPE: Multifamily ~ GROSS SF: 134,500 ~ RETAIL SPACE SF: 12,750 ~ UNITS: 130 LANDLORD: Joel Wertzberger & Konstantin Gubareff BROKERS: Morris Betesh & Omar Ferreira (@OmarFerr) - Meridian Capital Group (@Meridian.Capital.Group) LOAN AMOUNT: $68,000,000 LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$68,000,000.00

Monthly NOI$453,333.33
Monthly Debt Service$429,806.26
Change in Cash Flow$0.00
Refinance Proceeds$0.00