Meridian Capital Group, LLC Arranges a $16.5 Million Financing Package to Recapitalize a Multifamily Property in Long Island City, NY
December 20, 2011, New York, NY — Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $16.5 million financing package, composed of a first mortgage and a mezzanine loan, to recapitalize a challenged condominium development project in Long Island City, NY.
The five-year, $14 million senior mortgage was provided by a local bank, and a New York City-based hedge fund provided the $2.5 million mezzanine loan. Meridian Senior Managing Director, Elliott Birnbaum, based in the company"s New York City headquarters, negotiated both transactions.
The six-story building, located on Vernon Boulevard, contains 64 apartments, 10,000 square feet of retail space and features unrestricted views of the Manhattan skyline.
"After the condominium market collapsed in 2009, the borrowers quickly revised their business plans. Upon the completion of construction, they began leasing units immediately. Although the property was not fully stabilized and the existing construction loan was highly leveraged, Meridian was able to tap its longstanding lending relationships to obtain the necessary proceeds and appropriate loan structure for our client," said Mr. Birnbaum.
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