Meridian Capital Group, America’s most active dealmaker, arranged $7.4 million in bridge financing to refinance a mixed-use property in Brooklyn, NY.
The sponsor’s existing loan was maturing, and they were waiting on their certificate of occupancy to refinance with a traditional long-term balance sheet lender. As an interim solution, Meridian arranged an 18-month bridge loan with a rate of 7.82%, interest-only payments and no prepayment penalty to meet the timeline and provide necessary flexibility. This transaction was negotiated by Meridian Vice President, Judah Hammer, and Associate, Michael Ryback, who are both based in the company’s New York City headquarters.
Located on Metropolitan Avenue in the heart of Brooklyn’s Williamsburg neighborhood, the four-story property features 17 studio, one-, and two-bedroom units in addition to three retail tenants on the ground level. The mixed-use property is just steps away from some of the area’s most popular attractions, including eateries such as The Commodore and Peter Luger Steak House, music venues like the Music Hall of Williamsburg and Brooklyn Bowl, and shops such as Whole Foods and the Apple Store. The property is also within walking distance of the L subway line at the Bedford Avenue station, the J train at the Marcy Avenue station, and the G train at the Metropolitan Avenue station.
Home to many artists and creatives, Williamsburg offers residents and visitors alike a trendy neighborhood featuring boutique shopping, culinary exploration, hip bars, and a thriving music scene. The area is easily accessible from Manhattan, with Wall Street, Union Square, and Grand Central all accessible in under 30 minutes by train and 20 minutes by car.
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