Meridian Capital Group, America’s most active debt broker, arranged $6 million in permanent financing for the refinance of a commercial property located in Long Island City, NY.
The 10-year loan, provided by a national balance sheet lender, features a competitive fixed-rate of 3.86%. This transaction was negotiated by Meridian Managing Director, Brian Flax, Associate, Blake Orman and Associate, Ami Levin, who are all based in the company’s New York City headquarters.
The property, located at 11-22 44th Road in Long Island City, is a three-story, 32,190 square foot commercial property and houses six commercial tenants. Long Island City, a former industrial area, is the westernmost commercial and residential neighborhood in Queens and its waterfront is now lined with high-end residential developments. The property offers direct access to a variety of restaurants and shopping and is approximately a five minute drive to the Ed Koch Queensboro Bridge, the Long Island Expressway and is within walking distance to the E, M, G, 7, N, R and F subway lines, providing a short commute to midtown Manhattan.
“Meridian was able to structure a 10-year loan at a below-market rate of 3.86%,” explained Mr. Flax. “We also strategized with the client and the lender to allow them to rate lock as soon as the 10-year U.S. Treasury rate fell to its lowest point in history in July 2016 and the client was very happy with the outcome,” he added.
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