Meridian Arranges $68M Financing for Brooklyn MF Property

A multifamily property construction project in Brooklyn’s Gowanus has has secured $68 million in financing. The debt fund provided the financing, negotiated by Meridian’s Morris Betesh and Omar Ferreira.  

Situated at 125 3rd Street, the 13-story property will feature 130 units and 12,750 square feet of retail space across 134,500 gross square feet upon completion. The neighborhood offers living options including multifamily homes and townhouses.  

“The loan provides an attractive leverage point at an efficient cost of capital and will enable the sponsors to achieve completion of the project well in advance of the 421a deadline, though they have also enrolled in the Gowanus PILOT program as a contingency,” said Betesh. Gowanus underwent rezoning in 2021, allowing for the development of 8,500 new units, including affordable housing and infrastructure improvements.