Meridian Capital Group Secures $12.2 Million Construction Financing For Multifamily Project In Brooklyn
$12,200,000
$234/SF
Building Size
51,982 SF
Asset Type
MultiFamily
Closing
Nov 1, 2024
AI
The property asset involved in the transaction is a multifamily building located in Brooklyn, featuring a total square footage of 51,982 and comprising 36 residential units. The loan amount secured for this construction financing is $12,200,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $12,200,000
- Square Footage: 51,982
- Units: 36
- Loan Type: Construction Financing
- Loan-to-Cost Ratio: 65%
- Interest Rate: WSJ Prime + 75 basis points
- Payment Structure: Interest-only payments
- Brokers: Eliezer Finkel & Rael Gervis - Meridian Capital Group
Eliezer Finkel and Rael Gervis of Meridian Capital Group were instrumental in arranging the financing for this multifamily construction loan in Brooklyn. Their expertise as development specialists facilitated this significant transaction within the multifamily real estate market.
Players
Market 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
1.30%
Cash-on-Cash
-0.37%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93