Team Betesh Arranges $68 Million in Construction Financing for a Multifamily Property in Brooklyn, NY

Meridian Capital Group, America’s most active dealmaker, arranged $68 million in financing for the construction of a multifamily property in the Gowanus neighborhood of Brooklyn, NY.

The financing was provided by a debt fund and was negotiated by Meridian Senior Managing Director, Morris Betesh, and Vice President, Omar Ferreira, who are both based in the company’s New York City headquarters.

Located at 125 3^rd Street in the Gowanus neighborhood of Brooklyn, NY, the 13-story multifamily property will contain 130 units in addition to 12,750 square feet of retail space across 134,500 gross square feet when complete. Residents will benefit from a diverse and accessible neighborhood featuring a mix of multifamily homes, townhouses, and condos on tree-lined streets within close proximity to breweries, a bustling art scene, and the R, F, and G subway lines.

“We are pleased to have closed this significant transaction for the sponsors, who are sophisticated developers of quality assets in the New York City area. 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. We are confident this project will stand out as one of the premier developments in the rapidly growing Gowanus submarket,” said Mr. Betesh.