Meridian Capital Group, America’s most active dealmaker, arranged $19 million in ground-up construction financing for the development of Element88, a 33-unit residential condominium project located in Williamsburg, Brooklyn, on behalf of development firms RYBAK Development and BK Developers.
The 24-month loan, provided by two regional banks, features a floating rate and one six-month extension option. This transaction was negotiated by Meridian Associate, Sean Robertson, who is based in the company’s New York City headquarters.
Element88, located at 88 Withers Street in Brooklyn, is planned as an eight-story, 50,000 square foot luxury residential condominium building, consisting of 33 units, 5,000 square feet of retail space and 25 covered parking spaces. RYBAK Development and BK Developers acquired the site for $11.5 million in November 2016. Located in Brooklyn’s desirable Williamsburg neighborhood, Element88 will be a high-end residential property with unique architectural features and strong curb appeal. The design of the property was executed by architectural firm, Zproekt Architecture, who also designed The Vue, another RYBAK Development project located in Sheepshead Bay. Sales at Element88 will begin in first quarter of 2018 as units are expected to be delivered by the summer of 2018.
“With today’s sophisticated consumer in mind and the fact that the “value” is becoming a lot more than a punchline, we are offering the highest end kitchens with paneled appliances, soaring 12 foot ceilings in each unit, 10 foot doors, herringbone flooring, a bold façade, etc… and all the while we are focused on keeping the final product in the sub-$1,300 a foot blended range,” said Principal of Rybak Development, Sergey Rybak.
“This assignment required a higher level of complexity, as it involved the participation of two lenders,” explained Mr. Robertson. “Despite market-wide tightening of capital sources for ground-up development projects, Meridian was able to negotiate terms with both lenders that allowed our clients to move forward with this exceptional development,” he added. “This is a testament to the developer’s exceptional track record of delivering high-quality projects throughout Brooklyn, as well as the value of Meridian’s long-standing bank relationships.”
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