Meridian Capital Group arranges $16.5 million in construction financing for mixed-use property

Queens, NY Meridian Capital Group arranged $16.5 million in ground-up construction financing for a mixed-use property consisting of multifamily and retail space at 183-03 Hillside Ave.

The 24-month loan was provided by a balance sheet lender and features full-term interest-only payments. This transaction was negotiated by Meridian vice presidents, Eli Serebrowski and Eli Finkel, who are both based in the company’s New York City headquarters.

Located at 183-03 Hillside Ave. in the Jamaica neighborhood, the seven-story, mixed-use building will span 56,000 s/f across seven stories when complete. The property will consist of 46 residential units and ample ground floor retail space, and benefits from immediate proximity to the 179^th St. subway station. Tenants will also benefit from amenities including an onsite gym, recreation space, rooftop, and indoor parking.