Meridian Capital Group, America’s most active dealmaker, arranged $25 million in financing to refinance a retail and parking facility in Brooklyn, NY.
The 10-year CMBS loan features a rate of 4.86% and full-term interest-only payments. Meridian Vice President, Steven Ribiat, Managing Director, Morris Diamant, and Vice President, Tzvi Krieger, who are all based in the company’s New York City headquarters, negotiated the financing for this transaction.
Located at 236 Atlantic Avenue, the 69,000 square foot property was constructed less than 10 years ago and is situated on the border of Boreum Hill, Cobble Hill, and Brooklyn Heights, three highly-trafficked Brooklyn neighborhoods. The building features 24,000 square feet of ground floor retail space, currently leased to PetSmart and PM Pediatrics, and a parking garage, which includes a ground floor level and two subterranean levels, accessible at the corner of Atlantic Avenue and Pacific Street. The building also includes 42 residential condominiums on the top floors that were not a part of the collateral.
236 Atlantic Avenue is situated in the heart of downtown Brooklyn, immediately adjacent to a plethora of dining and shopping options, in addition to a variety of subway lines, with the G, F, A, C, 2, 3, 4, and 5 trains all within 10 blocks of the property.
“As a hedge against a potentially rising interest rate environment, Meridian negotiated a fixed-rate loan for certainty while structuring maximum interest-only payments to benefit cash flow over the long term,” said Mr. Ribiat.
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