Seidman and Neiss of Meridian arrange $10 million acquisition financing on behalf of Sugar Hill Capital Partners

Brooklyn, NY Meridian Capital Group recently arranged $10 million in acquisition financing for the Duke Portfolio, composed of five partially-vacant multifamily properties, on behalf of Sugar Hill Capital Partners.

The three-year loan, provided by a regional balance sheet, features a rate of 2.97% and full-term interest-only payments. This transaction was negotiated by Meridian vice president, Shamir Seidman, and associate, Daniel Neiss, who are both based in the company’s N.Y.C. headquarters.

The Duke Portfolio is composed of five partially-vacant multifamily buildings that total 51 units and are located in the Bedford-Stuyvesant and Bushwick areas of the borough. The properties are on Palmetto St., Pacific St., Macdonough St., Malcolm X Blvd. and Brooklyn Ave.

“The portfolio presented a unique value-add opportunity for Sugar Hill Capital Partners, which plans on investing in a significant capex program to repair, renovate and lease the properties,” said Seidman. “By negotiating traditional balance sheet financing at a below-3.00% interest rate, Sugar Hill Capital Partners will benefit from low carrying costs as well as enhanced prepayment flexibility.”