Meridian Capital Group Secures $16M Construction Loan For Luxury Multifamily & Retail Development In Bayside, Queens

Located at 215-20 Northern Boulevard in Bayside, Queens, this mixed-use luxury multifamily and retail development has recently secured a construction loan. The loan, amounting to $16,000,000, was negotiated by Elia Aguilar from Ponce Bank. The landlord, Sam Eshaghoff and Parviz Yousefzadeh from West Egg Development, are responsible for this groundbreaking project. The brokers, David Oheb and Dorian Aftalion from Meridian Capital Group, played a crucial role in facilitating the deal.

Summary of transaction details

• Property Type: Mixed Use – Luxury Multifamily & Retail
• Transaction Amount: $16,000,000
• Lender: Ponce Bank – Elia Aguilar
• Landlord: Sam Eshaghoff & Parviz Yousefzadeh - West Egg Development
• Brokers: David Oheb & Dorian Aftalion - Meridian Capital Group

This custom-tailored construction loan offers a fixed-rate of 9.00% throughout its 30-month loan term. Furthermore, upon completion, the borrower has the option to seamlessly convert the loan into a 5-year permanent loan. Caliendo Architects has designed this 45,300 square feet development, which is being constructed by Lions Group. The property will comprise of 38 high-end apartments, a significant retail space with 158 feet of frontage, an underground parking facility, and a state-of-the-art gym. This project aims to redefine luxury living in Bayside, Queens, and its neighboring areas.

For those interested in construction financing and seeking to add value to their portfolio, they can reach out to David Oheb, Managing Director at Meridian Capital Group. He can be contacted at 212-612-0193 or via email at [email protected].