Press Releases

Meridian Closes the Sale and Acquisition Financing for Delshah Capital’s Purchase of 28 Silvershore Assets in Brooklyn and Manhattan; $100.7 Million Acquisition Funded With $88 Million in Senior and Mezzanine Financing

Meridian Capital Group, America’s most active dealmaker, arranged the sale of 28 properties on behalf of Silvershore Properties to Delshah Capital for $100.7 million and negotiated $88 million in senior and mezzanine financing to fund the acquisition. Meridian Managing Director, Rich Velotta, and Managing Director, Abie Kassin, represented the seller, Silvershore Properties, and the buyer, Delshah Capital, and Senior Vice President, Simon Rosenfeld, Senior Managing Director, Rael Gervis and Associate, Craig Berger, arranged the acquisition financing.

The five-year, $88 million acquisition financing package features a competitively priced senior loan with an interest-only component provided by a balance sheet lender and a fixed-rate, full-term interest-only mezzanine loan provided by a national finance company.

The portfolio is composed of 28 assets totaling 200,000 gross square feet including 210 residential units and 17 retail spaces located primarily in the Bushwick and Bedford-Stuyvesant neighborhoods of Brooklyn as well as two assets located in downtown Manhattan. Notable properties include 808 Prospect Place, a 19-unit building with five commercial spaces in Crown Heights; 219 13th Street, a 25-unit building in Park Slope; and 41 Henry Street, a 20-unit building in the Lower East Side.

“This is highly unique transaction that took an incredible amount of balance and teamwork from all sides to get done. In a market with declining transaction volume, this shows the power of Meridian’s sales and mortgage platform to operate together and perform for our clients,” said Mr. Velotta.

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.