The Real Deal New York

  • SPONSOREDCBRE Sells $68.6M BK Multi-Property Portfolio; Meridian Arranges $67.5M in Financing

    Eight Buildings Are Part of Major Sale in Borough Park Neighborhood

    CBRE announced the $68.6 million sale of a multi-property portfolio in the Borough Park neighborhood of Brooklyn. The portfolio, which consists of eight multi-family buildings, was sold by Maimonides Medical Center (MMC) to Iris Holdings. CBRE’s Tri-State Investment Properties Team of Elli Klapper, Charles Berger, Richard Karson and Jay Gelbtuch represented the seller in the transaction and also procured the buyer.

    “We are very happy we were able to coordinate this deal, as it is a huge win for the community, which will reap the transaction’s long-term benefits,” said CBRE’s Klapper. “The Borough Park neighborhood is a unique section of Brooklyn that the buyer is looking forward to being a part of.”

    The $67.5 million balance sheet loan features a LIBOR-based rate with an extremely competitive spread, full-term interest-only payments, and was negotiated by Meridian Capital Group Senior Managing Director Ronnie Levine and Vice Presidents Isaac Filler and Thomas Wayda.

    “There is always consistent demand from lenders for well-located properties such as these. This competitive environment allowed Meridian to negotiate favorable terms,” said Meridian’s Filler.

    The Borough Park portfolio consists of 295 apartment units across eight mostly vacant buildings totaling 263,260 square feet.