Meridian Arranges $66M Acquisition Loan for Portfolio in Brooklyn, Upper Manhattan

Meridian Capital Group arranged $66 million in acquisition financing for a 14-building, 726-unit multifamily portfolio across Brooklyn and Upper Manhattan. The portfolio, primarily rent-stabilized, is currently 97% occupied.

The non-recourse loan, provided by Miami-based BridgeInvest, features a 70% loan-to-value ratio and interest-only payments for two years, with attractive extension options. The sponsors, Peter Hungerford of PH Realty, and David Kaye of Rockledge, plan to take over and improve operations.  

Brian Flax, EVP at Meridian Capital Group, originated the loan. “This highly flexible financing gives the sponsors the ability to enhance operations and financial performance across the portfolio very quickly through their unparalleled hands-on management,” he said.  “The team at BridgeInvest was able to recognize how meticulous this sponsorship group is when it comes to everything from tenant relationships to compliance with all nuances of NYC building and rent laws.

“This deal demonstrates that there is still competitive capital available in the equity and debt markets for transactions with a very attractive basis and first-class sponsorship.” he added. 

Source: Connect CRE