Meridian Capital Group, America’s most active dealmaker, negotiated $19 million in initial acquisition financing, followed by $2 million for the repositioning of One Lincoln Center, an office property located in Syracuse, NY, on behalf of Asher Zamir, Founder and Chairman of Zamir Equities.
The loan, provided by a debt fund, was negotiated by Meridian Vice President, Steven Edelstein, Managing Director, Steven Adler and Vice President, Luke Hingson, who are all based in the company’s New York City headquarters.
One Lincoln Center is a 19-story, 305,594 square foot office tower, anchored by J.P Morgan Chase, Bond, Schoeneck & King, CadaretGrant, Arcadis, and Earthlink. Located at 110 West Fayette Street in Syracuse, the property is conveniently located adjacent to the intersection of Interstate 81, central New York’s major thorough fare, and Interstate 690, a highway that extends through Syracuse and provides direct access to popular suburban residential neighborhoods. The property is also in close proximity to the Destiny USA mall, Syracuse City Court and the James M. Hanley Federal Building, the Oncenter arena, Syracuse University and numerous restaurants and shops.
“Zamir Equities’ knowledge of the suburban office market, and their ability to reposition assets quickly and efficiently, will lead to One Lincoln Center becoming another successful addition to the impressive portfolio of Mr. Zamir and his incredible team,” said Mr. Edelstein.
“Thanks to the sponsor’s strong track record, Meridian was able to structure a financing solution that provided maximum leverage for the acquisition and repositioning of the property, while also securing below market pricing,” said Mr. Hingson.
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