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LONG ISLAND CITY, N.Y. —Meridian Capital Group has negotiated a $16.5 million financing package to recapitalize a challenged condominium development project in Long Island City. An undisclosed local bank provided the 15-year, $14 million mortgage loan. In addition, a New York City-based hedge fund provided a $2.5 million mezzanine loan. Elliott Birnbaum of Meridian's New York City office negotiated the transactions. The six-story building, located on Vernon Boulevard, includes 64 apartments and 10,000 square feet of retail space.