Meridian Capital Group, America’s most active debt broker, arranged $29 million in financing for the refinance of a retail property located in the Bronx.
The 10-year loan, provided by a balance sheet lender, features a competitive fixed rate of 3.50%. This transaction was negotiated by Meridian Managing Director, Carol Shelby, who is based in the company’s New York City headquarters.
The property, located on East Fordham Road, is a two-story, 42,000 square foot retail property and houses notable tenants Old Navy, McDonald’s and Gamestop. The building is situated in the heart of the Bronx’s largest shopping district, Fordham Road, with over 300 shops and restaurants. Fordham Road also serves as a major transportation hub that is easily accessible by car and public transportation. The property is within walking distance from the newly renovated Fordham Plaza, as well as Fordham University’s Rose Hill campus with nearly 7,000 students, adding a significant amount of foot traffic. The property is a five block walk from the Fordham Metro North Railroad station and the B and D subway lines at Fordham Road.
“The sponsor has owned the property for over 40 years and has maintained a strong occupancy with a number of national tenants,” explained Mrs. Shelby. “A new lease was recently signed with Old Navy and Meridian negotiated favorable terms in a short period of time, which made it possible to close the loan before Old Navy opened,” she 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