Meridian Capital Arranges $60.3M in Construction Financing for Astoria Multifamily Development

NEW YORK CITY — Meridian Capital Group has arranged a $44.8 million loan and $15.5 million in joint-venture equity for the construction of a multifamily property in the Astoria neighborhood of Queens. The three-year, interest-only loan, which was provided by CIT Real Estate Finance, features a LIBOR-based, floating-rate and two one-year extension options. Glenmont Capital Management provided the $15.5 million joint-venture equity. Tal Bar-Or of Meridian Capital Group negotiated the transactions. The undisclosed sponsor plans to develop a 143,320-square-foot structure on the site, which is located at 31-53 31st St. and was acquired through an off-market transaction. The property will feature 114 apartments, parking, retail space, storage and a community facility. On-site amenities will include a 24-hour doorman, sound-proof construction, on-site parking, a laundry room, bicycle storage, a media room, a fitness and yoga room, grocery storage, tenant storage and rooftop decks for grilling and lounging.