News & Insights
New Latin Restaurant and Nightclub Coming to 29 West 36th Street
A new Latin restaurant and nightclub by La Casa Del Mofongo owner Felix Cabrera plans to open at 29 West 36th Street in Midtown South, Commercial Observer has learned.
Meridian Capital Group, Barings Launch NewPoint Real Estate Capital
Meridian Capital Group and Barings are starting the week with a bang. The partnership’s new lending platform, NewPoint Real Estate Capital, launches today, Commercial Observer has learned.
Brooklyn Chop House’s Times Square deal made possible by COVID pandemic
The biggest restaurant deal in the city for a majority black-owned business is in the heart of Times Square, and it was made possible by a massive COVID rental discount. Brooklyn Chop House (think upscale Chinese meets traditional American steakhouse) has inked a deal to move into a 25,000-square-foot space on West 47th Street. It’s slated to open in September, coinciding with the long-awaited reopening of Broadway theaters.
KKR Lends $172M on LA Multifamily Property
J.H. Snyder Company has landed a $171.6 million loan to refinance One Museum Square, a newly constructed, luxury multifamily asset in L.A.’s Miracle Mile neighborhood, Commercial Observer has learned. Meridian Capital Group’s Seth Grossman, Steve Edelstein and Jackie Tran negotiated the 10-year, fixed-rate debt.
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.