Meridian Capital Group has successfully secured $66 million in acquisition financing for a multifamily portfolio consisting of 14 buildings and 726 units located in Brooklyn and Upper Manhattan. The majority of the portfolio is currently occupied at an impressive rate of 97%.
The loan, provided by BridgeInvest based in Miami, is non-recourse and offers a loan-to-value ratio of 70%. It also includes two years of interest-only payments with options for extensions. The sponsors behind this deal are Peter Hungerford from PH Realty and David Kaye from Rockledge who have plans to improve operations upon taking over.
Brian Flax, Executive Vice President at Meridian Capital Group was responsible for originating the loan. He expressed his confidence in the sponsors’ ability to quickly enhance operations across the entire portfolio due to their hands-on management approach. Flax also praised BridgeInvest’s recognition of how meticulous these sponsors are when it comes to tenant relationships as well as compliance with NYC building codes and rent laws.
This successful transaction serves as evidence that there is still competitive capital available within both equity and debt markets for deals with attractive fundamentals like this one led by first-class sponsorship teams.
