Meridian Capital Group, America’s most active dealmaker, arranged $40 million in financing to refinance three vacant commercial properties in New York, NY on behalf of The Moinian Group.
The 12-month land loan, provided by a balance sheet lender, features two six-month extension options and a prime-based floating rate. This transaction was negotiated by Meridian Senior Managing Director, Drew Anderman, and Senior Vice President, Alan Blank, who are both based in the company’s New York City headquarters.
Located at 102-110 John Street in Manhattan’s Financial District, the site currently houses three vacant four- and five-story commercial buildings with a total gross square footage of 64,983. The development site itself spans 14,229 square feet and has more than 250,000 square feet of development rights.
102-110 John Street is located among an array of shopping, dining, and transportation options, including the nearby Fulton Center, which offers access to the 2, 3, 4, 5, A, C, J, and Z trains; the Oculus, with access to the PATH, 1, R, and W trains in addition to half a million square feet of new retail; and the nearby Seaport District, featuring iPic Theaters, the Pier 17 rooftop concert series, and shops and restaurants such as SJP, Roberto Cavalli, by Chloe, and 10 Corso Como.
“This loan was structured with no prepayment penalty, therefore providing maximum flexibility to the borrower as they proceed with their development plans for the site,” said Mr. Anderman.
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