Meridian housing deals top $25m.Meridian Capital Group recently arranged $13,000,000 for the refinancing Refinancing An extension and/or increase in amount of existing debt. of 114-116 East 1st Street and 208-210 East 7th Street. The multifamily properties contain 58 units total and five retail spaces. Seth K. Grossman and Josh Rhine of Meridian's New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of office negotiated to secure a rate of 5.918% over a five-year, interest-only term. The client purchased the buildings a year ago for approximately $11,000,000 and has increased NOI NOI Net Operating Income NOI Notice of Intent NOI Nation of Islam NOI Notice of Inquiry NOI Neuro Orthopaedic Institute NOI New Organizing Institute NOI Notice of Interest NOI No Offense Intended NOI National Olympiad in Informatics significantly, justifying a refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. in just one year Meridian also announced it arranged $12,620,000 in financing for a portfolio of six multifamily buildings totaling 315 units on Belmont Avenue, Knox Place, Morris Avenue, Reservoir Oval East, University Avenue and the Grand Concourse. Michael Kesselman and Bashkim Osmani of Meridian's New York office negotiated a favorable rate over a seven-year term with a five-year option. Meridian was also able to have the existing prepayment penalty Prepayment penalty A fee a borrower pays a lender when the borrower repays a loan before its scheduled time of maturity. cut in half. All six buildings have been owned by the same investors for over 30 years. |
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