February 6, 2020
Meridian Capital Group arranged $7.5 million in acquisition financing in five days for a multifamily property in the Bronx’s Soundview neighborhood. The interest-only loan, provided by a debt fund, features a LIBOR-based floating rate and was negotiated by Meridian’s Reuben Hedaya and Judah Hammer.
“The borrower had specific time constraints due to a 1031 deadline, which was the catalyst for needing to close so quickly,” said Hammer. “We were able to close the deal within five days of submitting the loan application to the lender.”
Located at 1135 Boynton Ave., the six-story building contains 83 studio-to three-bedroom units. The property is located one block from the 6 subway line at Elder Avenue, and is situated near various local bus routes. Residents also enjoy proximity to an array of shopping centers, restaurants, parks, and schools.
For comments, questions or concerns, please contact Paul Bubny