Meridian Capital Group has facilitated a $25.75 million financing deal for the construction of a luxury condominium property in Brooklyn, NY. The partnership between Meral Property Group and Loketch Group will result in 32 residential units across seven stories at 630 Grand Avenue in Prospect Heights, featuring amenities such as residence lounge, fitness center, private parking and outdoor cabanas.
Morris Betesh and Alex Bailkin of Meridian Capital negotiated the construction loan with successful results. “Prospect Heights is an attractive residential neighborhood boasting desirable retail amenities and transportation options,” said Betesh.” Despite high interest rates this year sales velocity has remained strong; sponsorship was able to buy out a long-term retail tenant at the site during contract period allowing us to close on financing simultaneously with their purchase of the site.” $26M was secured for this project which will provide residents with access to modern luxuries within one of Brooklyn’s most sought after neighborhoods.
