A $68 million financing has been secured for a multifamily property construction project in Brooklyn’s Gowanus neighborhood. The debt fund provided the funding, which was negotiated by Meridian’s Morris Betesh and Omar Ferreira.
Located at 125 3rd Street, this 13-story development will consist of 130 units and include 12,750 square feet of retail space within its total gross area of 134,500 square feet. The surrounding area offers various housing options such as multifamily homes and townhouses.
According to Betesh, “The loan provides an attractive leverage point at an efficient cost of capital and will allow the sponsors to complete the project well before the deadline for obtaining tax benefits under New York City’s affordable housing program.” He also mentioned that they have enrolled in Gowanus’ PILOT program as a contingency plan. In recent years, Gowanus underwent rezoning which opened up opportunities for new developments including over eight thousand new units with a mix of affordable housing options and infrastructure improvements.
This significant financing deal was arranged by Meridian without mentioning any specific Connect platforms or locations such as Connect CRE or Connect LA/Texas.
