First recorded deal for Meridian’s new lending venture NewPoint, $29.3M refi with Cammeby’s

Cammeby’s International Group through the entity Kew Gardens Apartment LLC as borrower signed a refi loan with lender NewPoint Real Estate Capital valued at $29.3 million for two co-ops including the 100-unit co-op (C6) at 71-27 147th Street in Queens, Queens and 100-unit co-op (C6) at 71-01 150th Street in Queens, Queens.
The deal closed on July 29, 2021 and was recorded on August 9, 2021.
The two properties have 184,592 square feet of built space and 0 square feet of additional air rights for a total buildable of 177,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $158 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

The signatory for Cammeby’s International Group was Eli Schron.

This is the first NewPoint loan tracked by PincusCo since the venture, a partnership between Meridian Capital Group and  Barings was disclosed earlier this year. The financing includes $13.7 million in new debt.
The owners according to the Department of Housing Preservation and Development includes Abraham Biller, head officer and Chaim Rose, agent. The business entities are Kew Gardens Assoc. Llc and Kew Gardens Associates Llc.

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