Meridian Capital Group, America’s most active dealmaker, arranged $10.2 million in balance sheet financing for the refinance of two multifamily apartment buildings in Glen Cove, NY.
The five-year loan, provided by a regional balance sheet lender, features a rate of 3.73%. This transaction was negotiated by Meridian Associate and Long Island specialist Bryan Kallenberg, who is based in the company’s New York City headquarters.
“Our client asked us to find a lender who both understands the Long Island market and was willing to provide maximum proceeds for this refinance,” said Mr. Kallenberg. “Having closed many loans for similar assets, we quickly drew up a short list of lenders capable of meeting the client’s requirements and negotiated accretive financing terms.”
Located at 200 and 400 Carney Street, the four-story apartment buildings consist of 50 units in total. The sponsor of the property recently redeveloped the two class-A multifamily properties, which both feature indoor parking garages, gym facilities, and elevators.
A seven-square-mile city located on the North Shore of Nassau County, Glen Cove is a destination of choice for suburban living, culture, shopping, entertainment, and recreation. With a plan underway to revitalize Garvies Point and Glen Cove’s downtown, residents now enjoy elements of city life, like the newly renovated AMC Glen Cove movie theater and the upscale Meritage Wine Bar, and can also escape to one of Glen Cove’s three beautiful beaches for rest and relaxation.
200 and 400 Carney Street are conveniently located along the Oyster Bay Branch of the Long Island Rail Road, with the Sea Cliff stop just half a mile away. Additionally, residents and visitors can take the North Fork Express commuter bus from Glen Cove to midtown Manhattan or Wall Street.
Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com