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NEW YORK – March 26, 2019 – Berkadia today announced $19.6 million in financing for 240 Meeker, a mid-rise multifamily property in Brooklyn, New York. Senior Managing Director Stewart Campbell of Berkadia’s Manhattan office secured the financing on behalf of borrower, New York-based 240 Meeker Avenue Corporation, and the deal closed on March 20.
The 10-year, permanent Fannie Mae loan features a 4.37 percent fixed interest rate and six years of interest-only payments.
“The new loan financing provided a great long-term rate while maximizing proceeds and property cash flow with 72 months of interest-only payments,” said Campbell.
Located at 240 Meeker Ave., the 46-unit post-war property features one- and two-bedroom floor plans with natural light and terraces or balconies in every unit. Community amenities include an elevator, a roof-deck, laundry facilities and on-site parking. Residents are also afforded convenient access to McCarren Park, The Museum of Food and Drink Lab, Brooklyn Winery, Williamsburg Cinemas, The Music Hall of Williamsburg and all of the shops and restaurants within the Williamsburg area.