Residential Development Group Secures $5.3M Loan For Brooklyn Multifamily Acquisition
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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
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- Location327-329 Rutland Rd, Brooklyn, NY, USA
- Loan Value$5,300,000
- Asset TypeMultiFamily
- Parties2 Brokers, 1 Agency, 1 Lender
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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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327-329 Rutland Road
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