Meridian Capital Group has secured $17.9 million in construction financing on behalf of TCX Development, Commercial Observer can first report. The three-year, interest-only construction loan was provided by Santander Bank, sources tell CO.
The debt will be used to fund the ground-up development of a 68-apartment multifamily property located at 177-30 Wexford Terrace in Jamaica, Queens.
The Real Deal first reported the forthcoming arrival of the property in November 2014, writing that the building’s amenities will include a walk-in medical facility on the ground floor, 47 parking spaces and a rooftop.
The financing was negotiated by David Hayum and Tal Savariego at Meridian. “TCX Development is a privately owned company with a solid track record of multifamily developments in the surrounding area,” Hayum said in prepared remarks. “Meridian is proud to have arranged the construction financing for their largest ground-up development project to date. This was achieved by highlighting TCX Development’s prior experience as builders and the strong metrics of the project.”
TCX, which is based in Great Neck, Long Island, has been pretty active in the Jamaica area of late. In April, CO reported that the developer was planning to erect a 15-story, 72-key, 35,000-square-foot hotel at 92-18 150th Street between Archer and Jamaica Avenues.
A spokeswoman for Santander and an official at TCX declined to comment.