Brooklyn Luxury Community Receives $68M

Canadian Imperial Bank of Commerce originated the two-year loan for Trinity Place Holdings' building, which features 105 units and 6,200 square feet of retail space.
237 11th St.

Meridian Capital Group has secured a $68 million financing for the acquisition of a 105-unit luxury community in Brooklyn on behalf of Trinity Place Holdings. Canadian Imperial Bank of Commerce originated the two-year loan which features a floating rate of 3.72 percent over 30-day LIBOR and full-term interest-only payments.

According to Yardi Matrix, the property was completed last year and spreads across 12 floors. It also includes a 6,200-square-foot retail component anchored by Starbucks. Located at 237 11th St. in the borough’s Park Slope neighborhood, the asset is in the immediate vicinity of subway and train stations. Multiple eateries, retailers, parks and entertainment options surround the community.

All units are equipped with washers and dryers, stainless steel appliances and tenant-controlled HVAC. Amenities include private outdoor terraces, doorman, landscaped rooftop terrace, courtyard garden, fitness center, tenant lounge and parking garage, as well as views of the New York Harbor and the Manhattan skyline.

Meridian Senior Managing Director Drew Anderman, Vice President Grant Carlson and Senior Vice President Josh Berman handled the transaction.

Image courtesy of Trinity Place Holdings