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Financing Arranged for MXD in Astoria

NEW YORK CITY—A loan of $41 million as well as joint venture equity will fund a retail, multifamily and community facility spanning more than 143,000 square feet.

By Rayna Katz | Updated on January 13, 2015

NEW YORK CITY—Meridian Capital Group has negotiated a nearly $45 million loan and over $15 million in joint venture equity for the construction of a multifamily property in the Astoria section of Queens.

The three-year interest-only loan, provided by CIT Real Estate Finance, features a LIBOR-based floating-rate and two one-year extension options. The joint venture equity was provided by Glenmont Capital Management. The transactions were negotiated by Meridian Capital group managing director Tal Bar-Or.

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