Meridian Capital Group, LLC, a leading national commercial real estate advisory firm, negotiated $9.5 million in long-term acquisition financing for a multifamily property located in the vibrant Flushing neighborhood in Queens, New York.
The seven-year balance sheet loan features a competitive rate and was provided by a New Jersey-based savings bank. Meridian finance advisor, Joe Taub, based in Meridian’s New York City headquarters, negotiated this transaction.
The subject property is a fully-occupied, six-story, 84-unit multifamily property located on Bowne Street in the Flushing neighborhood of Queens.
“Closing this transaction was complicated by timing, as our client was required to close in a very specific timeframe in order to allow the seller to pay off the existing Fannie Mae financing,” said Mr, Taub. “By leveraging Meridian’s strong and longstanding relationship with Fannie Mae, we were able add significant value to both out client and the seller by effectively managing the Fannie Mae pay off process to facilitate the closing of the deal,” he added.
Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com