News & Insights
Power Finance: The 50 Most Important Figures of Commercial Real Estate Finance
#21: Ralph Herzka, Yoni Goodman and David Brickman | Chairman and CEO; President; Executive Chairman at Meridian Capital Group
Harbor Group Recaps 55 Broadway With New Senior Loan
Harbor Group International has recapitalized its 32-story office tower in New York City’s Financial District by refinancing the existing senior mortgage with an initial $107.7 million senior loan from an insurance company lender with a future funding component of up to $8.4 million for future leasing. The fresh capital retired Paramount Group’s preferred equity stake and is funding costs associated with recent leasing activity at the building, which is located at 55 Broadway.
NYCB, Harbor Group International Lend $93M on New Jersey Rental Property
New York Community Bank (NYCB) and Harbor Group International (HGI) have combined to supply a $93 million debt package to Khosla Capital and DKJ Equity to help fund the pair’s purchase of Prospect Place, a luxury apartment complex in Hackensack, N.J., Commercial Observer has learned.
Grant Cardone Lands $64M Loan on Fort Lauderdale Apartments
In another deal by celebrity real estate investor Grant Cardone, a Fort Lauderdale apartment complex has a new owner, a fresh name and a new loan. Cardone Capital acquired the 310-unit Bask in Harbor Park apartments and rebranded it as 10X Living at Fort Lauderdale, the Aventura-based firm said in a statement.
Meridian’s New York Institutional Investment Sales Team to Market Renovated Midtown East Rental Building
Meridian Capital Group announced today that its Institutional Investment Sales Group, led by Helen Hwang, has been appointed to sell The Centra, a 164-unit apartment building at 230 East 44th Street just steps from the midtown commercial core, Grand Central Terminal and the United Nations.
AIG Lends $57M on New Geothermal Mixed-Use Project in Chicago
DLG Management has nabbed a $57 million loan to refinance a newly constructed, geothermal mixed-use property in Chicago, Commercial Observer has learned. AIG provided the 15-year loan, which features a 3 percent interest rate, on behalf of DLG’s Dave Gassman for The Residences at the Eagle Building, sources familiar with the deal told CO. The financing arrangement was negotiated by Meridian Capital Group Managing Director Gershon Friedman out of the company’s Chicago office.
Meridian’s Team Hess Trades Elevator Building in Brooklyn’s Park Slope
Meridian’s Adam Hess and Edward Setton recently sold 70 Prospect Park West, a six-story multifamily property in Brooklyn’s Park Slope neighborhood. The elevator building sold to Greg Fournier of Greenbrook Partners for $15 million, averaging $410 per square foot and exceeding 5% cap rate.
Three Revolving Lines of Credit Total $225M
Meridian Capital Group recently arranged three $75 million revolving lines of credit totaling $225 million for three large national debt funds. Each credit facility begins with $75 million of capacity that can be increased as required. The facilities have no mark-to-market or rebalance requirements and advances are funded within one to three days of request. These transactions were negotiated by Seth Grossman and Jason Kahn of Meridian’s West Coast team. Jackie Tran and Sarah Kuebler assisted in the closings.
Meridian Arranges $163M Walker & Dunlop Refi for Bronx Multi Development
Cheskel Schwimmer’s Chess Builders has locked down a $163 million refinance for The Arches, two Class A multifamily development towers in the Mott Haven neighborhood of the Bronx, Commercial Observer has learned. Walker & Dunlop provided the bridge loan in a transaction negotiated by Meridian Capital Group’s Ronnie Levine, Isaac Filler and Thomas Wayda. Walker & Dunlop’s Geoff Smith led the transaction on behalf of the lender.
Bronx Elevator Building Trades After 50-Year Hold
Meridian Investment Sales’ Amit Doshi and Shallini Mehra recently sold 2775 Morris Ave., a 1932 Art Deco elevator building located in the Fordham section of the North Bronx. The 48-unit property traded for $5.6 million, or $95 per square foot and $116,600 per unit, with fa capitalization rate of 5%.
Meridian Capital’s New York Institutional Investment Sales Team Hired to Sell 1,000-Unit Bushwick Complex
Meridian Capital Group announced today that its Institutional Investment Sales Group, led by Helen Hwang, has been tapped to sell the fee simple interest in The Denizen, a 1,000-unit, two-building complex located in the Bushwick neighborhood of Brooklyn, NY. Completed in phases between 2018 and 2019, The Denizen is one of New York City’s most amenitized rental buildings offering over 100,000 square feet of amenity space.
Citi, Bank of America Provide $99M CMBS Recap on Boca Raton Office Portfolio
An investment entity including owner and developer TJAC Development has secured $99 million in commercial mortgage-backed securities (CMBS) debt from Citigroup and Bank of America to help recapitalize a portfolio of four mixed-use office properties in Boca Raton, Fla., Commercial Observer has learned. There was an unnamed, foreign equity provider also included in the financing.
Ex-Freddie Mac CEO Brickman to Lead New Agency Lending Platform
Former Freddie Mac Chief Executive Officer David Brickman, who stepped down from his post this month, is taking the helm of a new agency-lending platform backed by mortgage brokerage Meridian Capital Group and investment firm Barings.
Meridian Arranges Sale and Acquisition Financing for 15 Park Row, 335-Unit Building
Meridian Capital Group announced today that its Institutional Investment Sales Group, led by Helen Hwang, has advised Park Row Realty, L.P. on the residential part of the sale of 15 Park Row to Atlas Capital Group, LLC, while Meridian Senior Managing Director, Morris Betesh, and Vice President, Alex Bailkin, arranged $109 million in financing for the acquisition.