Meridian Capital Group, America’s most active dealmaker, arranged $4 million in financing for the refinance of a mixed-use property located on the Lower East Side of Manhattan.
The seven-year loan, provided by a balance sheet lender, features a fixed rate of 3.80%. This transaction was negotiated by Meridian Associate, Bryan Geffen, who is based in the company’s New York City headquarters.
The property, located at 26 Clinton Street, is a five-story mixed-use property, consisting of eight residential units from the second to the fifth floor and one retail space on the ground floor. Built in 2000, the well-maintained property offers a short walk from the F, J, M, and Z subway lines at the Delancey Street/Essex Street station, the J and Z subway lines at the Bowery Street station and the B and D subway lines at Grand Street. Residents enjoy close proximity to some of New York City’s most renowned restaurants, sought after boutique shops, and numerous art galleries and museums.
“Meridian was able to leverage the strength of this asset, located in Manhattan’s desirable Lower East Side neighborhood, and its strong sponsorship to secure a below-market interest rate, along with a flexible pre-payment schedule,” said Mr. Geffen.
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