Meridian Capital Group Secures $8M Refinance Loan For Multifamily Property

The property at 219 East 203rd Street in Bedford Park, Bronx, is a multifamily asset spanning 15,700 square feet. The loan to refinance this property was provided by the Life Insurance Company, with Bryan Geffen & Noah Schulman from Meridian Capital Group acting as brokers. The loan amount was $8,000,000, with a fixed rate of 6.270% for 5 years and a 30-year amortization period.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $8,000,000
• Market: Bedford Park, Bronx
• Lender: Life Insurance Company
• Brokers: Bryan Geffen & Noah Schulman - Meridian Capital Group
• Loan Type: Refinance
• Loan Terms: 5 Years, 6.270% Fixed rate, 30 years amortization

This loan was a construction take loan and a full cash out on a new building. The building consists entirely of City FHEPS tenants, and the loan transaction was successfully closed within 40 days.