Meridian Capital Group has arranged a new long-term refinancing for Dale Gardens, a pre-war garden-apartment complex in Kew Gardens. Working on behalf of BRG, Meridian secured a $16,350,000 loan for the 103-unit multifamily property, which is located at 84-17 125th St. The debt was provided by JPMorgan Chase and placed by Meridian professionals Avi Weinstock and Chesky Klein.
The new financing is structured with a 10-year term and carries a fixed interest rate of 5.95%. By locking in a long-duration, fixed-rate loan, the sponsor gains visibility on debt service costs in what has been described as a dynamic interest rate environment. The structure is intended to support the property’s ongoing stability and operational consistency over the life of the loan.
Weinstock noted that BRG is a well-established owner and operator with extensive experience across the multifamily sector. He also highlighted JPMorgan Chase’s responsiveness throughout the process, emphasizing that the lender, working alongside Meridian’s team, was able to deliver a financing package tailored to the sponsor’s objectives. According to Weinstock, the outcome provided certainty of execution while meeting BRG’s requirements for long-term, fixed-rate capital.
Dale Gardens itself is characterized as a pre-war garden-apartment community made up of multiple buildings arrayed around an interior garden. The complex includes 103 residential units, giving it scale within the local Kew Gardens submarket. The garden-style layout and courtyard configuration distinguish the property from more conventional multifamily buildings in the area.
The refinancing is positioned as a way for BRG to reinforce the property’s capital structure while maintaining stable operations. With the new loan in place, the sponsor has secured a decade of fixed-rate senior debt, which can help mitigate near-term financing risk and support longer-term planning for the asset. The transaction underscores the ongoing availability of bank balance sheet financing for multifamily properties that can demonstrate experienced sponsorship and established operating performance.
