Press Releases

The Bluestone Group Originates $148 Million Loan for Six Redevelopment Sites in Manhattan and Queens, NY in 30 Days; Meridian Identifies Mack Real Estate Credit Strategies as Participant

The Bluestone Group, through its affiliate Bluestone Capital, originated a loan of $148 million for six redevelopment sites in Manhattan and Queens, NY in 30 days.

The three year bridge loan, which features a rate of 650 basis points over LIBOR, was provided by the Bluestone Group. Meridian Senior Managing Director, Shaya Ackerman, and Senior Vice President, Shaya Sonnenschein, identified and facilitated Mack Real Estate Credit Strategies as the senior participant.

Located throughout Midtown Manhattan and Queens, NY, the six sites total in excess of one million square feet of development rights.

The Bluestone Group, led by co-founders Eli Tabak and Marc Mendelsohn, has been aggressively expanding its bridge lending and structured finance platform through its affiliate, Bluestone Capital. This includes the recent origination of a $109,000,000 bridge loan secured by a portfolio of assets located in Flushing Queens and Long Island.

The Ackerman Team’s mission is to provide its clients with best-in-class service while advocating and adeptly negotiating on their behalves. With this approach, the team has closed hundreds of deals, aggregating to over $3 billion since it joined Meridian in the end of 2015. This accomplishment is a testament to the team’s extensive capital markets knowledge, loyal lender and client relationships, and unparalleled professionalism. Specializing in all loan structures and all geographies, Ackerman prides himself on being engaged as an advisor on transactions in their entirety, rather than just the financing aspects of the deal.

Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2017, Meridian closed over 3,000 transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida, and California.

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.