Residential Development Group Secures $5.3M Loan For Brooklyn Multifamily Acquisition

Located at 327-329 Rutland Rd in Brooklyn, this multifamily property was involved in a recent transaction. The loan for this property was provided by New York Community Bank. The loan amount was $5,300,000 with a term of 5 years fixed and a 3.125% interest rate. The borrower was able to recapture 90% of the project's cost basis through a maximum cash-out refinance. The property is owned by Kamran Neman and Joseph Azizian of Residential Development Group.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $5,300,000
• Lender: New York Community Bank
• Landlord: Kamran Neman & Joseph Azizian - Residential Development Group

The brokers involved in this transaction were David Oheb and Michael Neumann of Meridian Capital Group. Meridian Capital Group is a top commercial mortgage brokerage firm in the country for multifamily lending, representing leading real estate investors and developers. They closed $40 billion in financing in 2020 with over 250 unique lenders across various property types.

Residential Development Group, founded by Kamran Neman and Joseph Azizian in 2001, is a vertically integrated real estate investment firm specializing in residential and mixed-use properties in the New York Metro area. With a history of developing and rehabilitating over 500 projects, the firm is currently working on the construction of additional 60 residential units within the next 12 months. For any ground-up development or value-add opportunities, please contact Kamran Neman at [email protected].

To learn more about how Meridian Capital Group can add value to your portfolio, you can reach out to:

David Oheb at 212-612-0193 or [email protected]

Michael Neumann at 646-502-3428 or [email protected]