A $68 million financing deal 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 property will consist of 130 units and include retail space spanning over 12,750 square feet across a total of134,500 gross square feet upon its completion. The 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 receiving benefits under the city’s tax incentive program.” He also mentioned that they have enrolled in Gowanus’ PILOT program as a backup plan. In recent years,Gowanus underwent rezoning which opened up opportunities for developing new units including affordable housing options along with infrastructure improvements.
This financing arrangement was made possible through Meridian’s expertise in securing favorable terms while ensuring timely completion of projects within budget constraints.
