Meridian Capital Group, America’s most active dealmaker, arranged $11.5 million in financing for two mixed-use properties in the East Village neighborhood of New York City.
The five-year cross-collateralized loan, provided by a balance sheet lender, features a rate of 3.76% and nine-months of interest-only payments. This transaction was negotiated by Meridian Associate, Avi Gorbacz, who is based in the company’s New York City headquarters.
The properties, located at 51 and 217 East Houston Street, both are five-story, mixed-used buildings, consisting of eight units each.
Both located in a prime East Village location, the buildings are in close proximity to diverse restaurants, bars, cafes, luxury retail brands, Whole Foods, The Bowery Electric, and several interesting, lesser-known museums and cultural institutions. Tenants of these properties have no shortage of things to do in this highly-coveted, eclectic neighborhood.
Both properties are just a short distance from the B, D, F and M subway lines at the Broadway-Lafayette Street Station, the R and W lines at the Prince Street Station, the F and M subway lines at the Second Avenue Station, and the 6 subway line at the Spring Street Station. There are also numerous local and express bus stops within walking distance of the properties.
“This transaction happened in tandem with an acquisition and obtaining a significant cash-out was critical to the success of both deals,” said Mr. Gorbacz. “Meridian negotiated nine months of interest-only payments to enhance cash flow as well as a favorable rate that will benefit the return on both pieces of the transaction,” he added.
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