Meridian Capital Group has secured a $115 million cash-out refinance for an upcoming 302-unit community in Brooklyn. The company worked on behalf of borrower Hampshire Properties, which is currently developing a community in Jersey City, N.J. Square Mile Capital provided the loan. According to Yardi Matrix, completion is slated for March 2019.
The property will be located at 1277 E. 14th St., in the borough’s family-oriented Midwood neighborhood. The site previously housed the Shulamith School for Girls, as well as Vitagraph Studios. Multiple subway and bus lines provide easy access throughout the area, while Manhattan is 30 minutes away.
Upon completion, the property will spread across eight floors and will encompass one-, two- and three-bedroom units. Amenities will include a fitness center, game room, concierge desk, rooftop overlooking the Manhattan skyline, and 150 parking spaces.
A Meridian team comprising Senior Managing Director Morris Betesh, Managing Director Justin Boruchov and Vice President Daniel Belecen brokered the loan transaction.
“Midwood is one of Brooklyn’s best-kept secrets, with strong demographics, convenient transportation and upscale retail options. A full-service luxury building with first-rate amenities and a private courtyard is new to this neighborhood, but thanks to the area’s rapidly evolving landscape, we are certain it will be a resounding success,” Betesh said in a prepared statement.
Image courtesy of Meridian Capital Group