Bar-Or, Khatiwala and Kite of Meridian arrange $6.9 million in financing

New York, NY  Meridian Capital Group, America’s most active debt broker, arranged $6.9 million in acquisition financing for a condominium development site located in the East Village on behalf of Barrett Design. The 12-month land loan was provided by Alma Bank and features a fixed rate of 5.5%, full-term interest-only payments and a 12-month extension option. This transaction was negotiated by Meridian senior managing director, Tal Bar-Or, vice president, Raj Khatiwala and senior associate, Kyle Kite, who are all based in the company’s New York City headquarters. The development site, located at Three East 3^rd St., in the East Village, will feature a seven-story mixed-use building totaling approximately 18,000 gross s/f. The property will have a retail condominium on the ground floor and five residential units above, consisting of four full-floor units and a duplex penthouse. “The design and quality of this development will be superb and much appreciated by the area,” said Bar-Or. “We are pleased to have worked with Barrett Design and Alma Bank to tailor a solution that allowed the borrower to acquire a prime residential development site and take advantage of a short-term interest-only loan to execute their business plan,” explained Mr. Kite. “These favorable loan terms were achieved as a result of the strong sponsorship and highly regarded operations of Barrett Design,” he added.