Updated Sep 5, 2024
Meridian Capital Group Arranges $5.9M Construction To Perm Loan For Brooklyn Multifamily
61 East 53rd Street, Brooklyn, Ny
$5,900,000
$5,900,000/SF
Building Size
1 SF
Asset Type
MultiFamily
Closing
Apr 24, 2023
About this deal
AI
A construction to perm loan was secured for a multifamily property located at 61 East 53rd Street in Brooklyn. The loan amount was $5,900,000. The loan terms included a fully custom-tailored construction to perm loan with a 7.25% fixed rate during construction, stepping down to 6.50% upon stabilization. The loan had a 5-year fixed rate term with interest only during the construction period. The loan-to-cost ratio was 63%.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $5,900,000
- Market: Brooklyn
- BROKERS: David Oheb & John Bianco - Meridian Capital Group
The brokers involved in the deal were David Oheb and John Bianco from Meridian Capital Group. They were responsible for securing the construction to perm loan for the property.
A notable feature of this transaction was that the rate fixed at term sheet and was honored throughout market disruptions. Additionally, 100% of the units in the property were to be contributed towards the NYC FHEPS program.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.69%
Cash-on-Cash
-0.77%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93