Meridian Capital Group Arranges $83 Million Loan for Acquisition of Residential Apartment Buildings in New York City

In a deal facilitated by Meridian Capital Group, brokers Morris Betesh, Jack McPhail, and Israel Mermelstein have arranged an $83 million loan for the acquisition of two residential apartment buildings in New York City. The loan, which was secured through an acquisition loan, will be used to finance the purchase of the properties located at 2802-2816 Frederick Douglass Boulevard. The buildings, with a combined square footage of 436,115 and a total of 537 units, are prime assets in the highly sought-after New York City residential market.

The loan amount of $83 million reflects the strong demand for quality residential properties in New York City. The city’s real estate market has been experiencing a surge in demand, driven by a growing population and a limited supply of housing. As a result, investors are increasingly looking to acquire residential properties in the city, leading to increased competition and rising property prices.

The two residential apartment buildings on Frederick Douglass Boulevard are well-positioned to attract tenants and generate rental income. The buildings offer a total of 537 units, providing a significant revenue stream for the new owner. The properties also have a combined square footage of 436,115, offering ample space for residents.

The buyer of the properties has not been disclosed, but the acquisition loan arranged by Meridian Capital Group indicates a strong interest in the New York City residential market. The buyer is likely an experienced investor or real estate firm looking to capitalize on the city’s robust rental market.

The seller of the properties is also unknown, but the transaction highlights the attractiveness of New York City’s residential real estate market. The seller is likely to have achieved a significant return on investment, given the high demand for residential properties in the city.

Meridian Capital Group, a leading commercial real estate finance and advisory firm, played a crucial role in facilitating the deal. The firm’s brokers, Morris Betesh, Jack McPhail, and Israel Mermelstein, utilized their expertise and industry connections to secure the $83 million loan for the acquisition. Meridian Capital Group has a strong track record in arranging financing for commercial real estate transactions, and this deal further solidifies their position as a trusted partner in the industry.

The acquisition of the two residential apartment buildings on Frederick Douglass Boulevard is a testament to the continued strength of the New York City residential market. Despite challenges posed by the COVID-19 pandemic, the city’s real estate market has remained resilient, with investors showing confidence in the long-term prospects of the market. The $83 million loan arranged by Meridian Capital Group demonstrates the robust demand for quality residential properties in the city and highlights the firm’s ability to secure financing for high-value transactions.

As the New York City residential market continues to thrive, investors and real estate firms are expected to pursue further opportunities in the sector. The acquisition of the two residential apartment buildings on Frederick Douglass Boulevard serves as a prime example of the lucrative investment potential in the city’s residential real estate market. With the support of firms like Meridian Capital Group, investors can navigate the competitive landscape and capitalize on the strong demand for quality residential properties in New York City.