Meridian Capital Group has facilitated a $25.75 million financing deal for the construction of a luxury condominium property in Brooklyn, NY. The partnership between Meral Property Group and Loketch Group will result in 32 residential units across seven stories at 630 Grand Avenue in Prospect Heights.
The building amenities include a residence lounge, fitness center, private parking, outdoor cabanas and game room. Morris Betesh and Alex Bailkin of Meridian Capital negotiated the construction loan with success due to Prospect Heights’ desirability as a residential neighborhood with attractive retail amenities and transportation options despite high interest rates this year. Sponsorship was able to buy out the long-term retail tenant at the site during contract period allowing them to close on financing simultaneously with their purchase of the site according to Betesh.
