Meridian Capital Group, America’s most active debt broker, arranged $7.4 million in acquisition financing for the purchase of two properties located in Central Harlem on behalf of ABJ Properties, Inc.
The seven-year loan, provided by a regional balance sheet lender, features a competitive floating rate of 2.00% over the 30-day LIBOR rate for the first two years, followed by a fixed rate of 4.55% for the remaining five years. This transaction was negotiated by Meridian Vice President, Baruch Pelcovitz, who is based in the company’s New York City headquarters.
1625 Park Avenue and 91 East 116th Street are two prime multifamily properties in Central Harlem, totaling 74 units and include one retail space. Both properties are in close proximity to the 4, 5 and 6 subway lines and are located in Harlem’s expanding retail and development areas, offering tenants direct access to a variety of restaurants, bars and shops.
“1625 Park Avenue and 91 East 116th Street are regulated by city agencies, which added complexity in negotiating the acquisition financing” said Mr. Pelcovitz. “However, Meridian was able to garner lender interest by underscoring both properties’ prime locations in order to obtain favorable loan terms and efficiently navigate the process to ensure the optimal structure for ABJ Properties,” 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