Presented By: Meridian Capital Group
Team Betesh Arranges $68 Million in Construction Financing for a Multifamily Property in Brooklyn, NY
125 Third Street Meridian Capital Group
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.
SEE ALSO: Tenant Protections Not to Blame for Vacant Rent-Stabilized Units: NYC Comptroller
Located at 125 3rd 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.
Gowanus was the subject of a 2021 rezoning, which will pave the way for 8,500 new units with approximately 3,000 being permanently affordable and 2,000 of those being subject to MIH requirements. Additionally, more than $250 million has been earmarked for a waterfront park along the Gowanus Canal as well as for other infrastructure improvements.
Morris Betesh can be reached at mbetesh@meridiancapital.com or (212) 612-0105.
