Schmuckler of Meridian Capital Group arranges $9 million in acquisition financing

Brooklyn, NY – Meridian Capital Group, America’s most active debt broker, arranged $9 million in acquisition financing for the purchase of a multifamily property located in the Flatbush neighborhood. The seven-year loan, provided by a balance sheet lender, features a competitive fixed rate of 3.5% with one-year of interest-only payments. This transaction was negotiated by Meridian senior vice president, Jacob Schmuckler, who is based in the company’s New York City headquarters. The six-story property is located at 65 Lenox Rd. in Flatbush, a residential neighborhood. The apartment mix includes studio, one-bedroom, two-bedroom and three-bedroom apartments. Built in 1948, the property is within walking distance of the B, Q, 2, and 5 subway lines. Tenants also enjoy close proximity to John F. Kennedy International Airport and La Guardia Airport. “The client plans to reposition this multifamily asset and lenders recognized the upside potential for the property,” said Schmuckler. “Meridian assisted in implementing the client’s vision for this value-add transaction through a creative financing package that will allow for the maximization of the property’s potential."