Meridian Capital Group, America’s most active dealmaker, arranged $8.6 million in financing for the ground-up construction of a Days Inn Hotel in the Lower East Side neighborhood of New York, NY.
The 24-month loan, provided by a balance sheet lender, features a rate of 3.75% over 30-day LIBOR. This transaction was negotiated by Meridian Vice Presidents, Eli Serebrowski and Eli Finkel, who are based in the company’s New York City headquarters.
The 14-story property, which will contain 48 rooms, is in the heart of Manhattan’s Lower East Side neighborhood, home to some of the best nightlife, dining, and entertainment in the city. The area is also known for its vibrant art scene, with small contemporary galleries sprinkled throughout the neighborhood. Some hot spots include trendy restaurant Beauty & Essex, famed deli Katz’s Delicatessen, live entertainment venue Bowery Electric, and the historic Tenement Museum. The property is easily accessible via the B and D subway lines at Grand Street and the F subway line at Delancey Street.
“Meridian’s strong banking relationships enabled us to bring in an out-of-state balance sheet lender to provide financing for this hotel development, despite an extremely limited construction financing environment, and ultimately close the deal in 35 days,” said Mr. Serebrowski.
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