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61 East 53rd Street, Brooklyn, Ny
FINANCED

Meridian Capital Group Arranges $5.9M Construction To Perm Loan For Brooklyn Multifamily

61 East 53rd Street, Brooklyn, Ny

MultiFamily
1 SF
clock iconFinanced 1 year ago
John Bianco
David Oheb
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Summary

Loan
NEW YORK
MultiFamily
1 sqft

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

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

  • All

    3

  • Agents

    2

  • Agencies

    1

John Bianco's profile picture
John Bianco
Meridian Capital Group-image
Associate
David Oheb's profile picture
David Oheb
Meridian Capital Group-image
Vice President
$152.3M Sold
Meridian Capital Group's profile picture
Meridian Capital Group
Meridian Capital Group

Details

Deal Summary
minus icon
FINANCED
IMAGE: David Oheb & John Bianco DATE: 03/24/2023 ADDRESS: 61 East 53rd Street MARKET: Brooklyn ASSET TYPE: Multifamily BROKERS: David Oheb (@TeamOheb) & John Bianco (@JohnBianco27) - Meridian Capital Group (@Meridian.Capital.Group) LOAN AMOUNT: $5,900,000 LOAN TYPE: Construction to Perm LOAN TERMS: Fully custom-tailored construction to perm loan. 7.25% fixed rate during construction, stepping down to 6.50% upon stabilization, 5-year fixed rate term, interest only during the construction period. 63% loan-to-cost. NOTE FROM BROKER: Rate fixed at term sheet and honored throughout market disruptions. 100% of the units are to be contributed towards the NYC FHEPS program. For more information on how Meridian can add value to your portfolio please contact: • David Oheb • 212-612-0193 • [email protected]

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Address61 East 53rd Street, Brooklyn, Ny

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