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$19M for Brooklyn midrise.

Berkadia announced $19.6 million in financing for 240 Meeker, a mid-rise multifamily property in Brooklyn.

Senior managing director Stewart Campbell, of the firm's Manhattan office, secured the financing on behalf 240 Meeker Avenue Corporation.

The 10-year, permanent Fannie Mae loan features a 4.37 percent fixed interest rate and six years of interest-only payments. "The new loan financing provided a great long-term rate while maximizing proceeds and property cash flow with 72 months of interest-only payments," said Campbell.

Located at 240 Meeker Ave., the 46-unit post-war property features one- and two-bedroom floor plans with terraces or balconies in every unit. The building has a roof deck, laundry and on-site parking.

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Title Annotation:BERKADIA
Publication:Real Estate Weekly
Article Type:Brief article
Date:Apr 3, 2019
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