A construction loan has been arranged for a new 27-unit multifamily project located in the Mount Hope section of The Bronx. The total loan amount is $6,150,000. The asset type is multifamily, with a building size of 15,634 square feet and a total square footage of 3,125. The loan features a competitive rate structured as SOFR + 5.75% for an initial term of two years, with options for two extensions. Additionally, the property is supported by a valuable 485x tax abatement, which enhances the long-term financial outlook of the project.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $6,150,000
• Loan Type: Construction Loan
• Initial Term: Two years
• Extension Options: Two
• Broker: Alan Friedman - Meridian Capital Group
• Market: Mount Hope, Bronx
• Building Size: 15,634
• Total Square Footage: 3,125

Alan Friedman of Meridian Capital Group represented the financing arrangement for this multifamily project, showcasing the firm’s capabilities in securing construction financing in the Bronx market. The deal emphasizes Meridian's role in providing financial solutions tailored to meet the needs of their clients, as noted in the broker's remarks regarding successful structures for projects in the area.