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

327-329 Rutland Road
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This MultiFamily property located in NY received a loan of $5,300,000 almost 3 years ago. The brokers of the deal were David Oheb and Michael Neumann

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]

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Deals
  • Location
    327-329 Rutland Rd, Brooklyn, NY, USA327-329 Rutland Rd, Brooklyn, NY, USA
  • Loan Value
    $5,300,000$5,300,000
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    2 Brokers, 1 Agency, 1 Lender2 Brokers, 1 Agency, 1 Lender

Agents

Michael Neumann

Michael Neumann

Deals3
Financed$38.6M

David Oheb

David Oheb

Deals52
Financed$388.7M

Agency

Meridian Capital Group

Meridian Capital Group

Agency
Deals2403
Volume$65.9B

New York Community Bank

New York Community Bank

Lender
Deals87
Volume$ 316.6B

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Deal Summary

LOAN IMAGE: Kamran Neman Joseph Azizian, David Oheb & Michael Neumann DATE: 05/07/2021 ADDRESS: 327-329 Rutland Rd MARKET: Brooklyn ASSET TYPE: Multifamily LENDER: New York Community Bank LANDLORD: Kamran Neman (@K_Rock007) & Joseph Azizian (@JoeAzizian) - Residential Development Group BROKERS: David Oheb (@TeamOheb) & Michael Neumann (@YmNeumann) - Meridian Capital Group LOAN AMOUNT: $5,300,000 LOAN TERM: 3.125% interest rate, 5 years fixed, maximum cash-out refinance – recaptured 90% of the borrower’s cost basis in the project NOTE FROM LANDLORD: Founded in 2001 by Kamran Neman and Joseph Azizian, Residential Development Group is a vertically integrated real estate investment firm specializing in the ground-up development of residential and mixed-use properties in the New York Metro area. The firm has developed and rehabilitated over 500 projects in its history, and will be completing construction of an additional 60 residential units in the next 12 months. Residential Development Group is actively seeking new ground-up development and value-add opportunities throughout the Tri-state area, please contact 📧 [email protected] with any opportunities. NOTE FROM MERIDIAN: Meridian Capital Group is America’s most active dealmaker, having closed $40 billion in financing in 2020 with more than 250 unique lenders across all property types, including multifamily, office, retail, hotel, mixed-use, industrial, healthcare and senior housing, and construction. Meridian represents many of the world’s leading real estate investors and developers and has been consistently ranked as the top commercial mortgage brokerage firm in the country for multifamily lending by the Mortgage Bankers Association. For more information on how Meridian can add value to your portfolio please contact: 👤David Oheb 📱 212-612-0193 📧 [email protected] 👤Michael Neumann 📱 646-502-3428 📧 [email protected]

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