Meridian Capital Group, America’s most active debt broker, negotiated $7.5 million in bridge financing for the purchase of an industrial property located in the Bronx.
The two-year loan, provided by a bridge lender, features a competitive fixed rate and full-term interest-only payments. This transaction was negotiated by Meridian Vice Presidents, Michael Farkovits and Steve Edelstein, who are both based in the company’s New York City headquarters.
670 East 137th Street, is a two-story industrial property, located just a few blocks from the iconic History Channel building in the Bronx. The property’s central Bronx location offers close proximity the Bruckner Expressway, the Major Deegan Expressway, Robert F. Kennedy Bridge and the Williamsburg Avenue Bridge and is a 15-minute drive from Manhattan.
“The sponsor owns an identical asset across the street and is very familiar with the property and the area,” said Mr. Edelstein. “Meridian’s ability to procure favorable bridge financing, coupled with the client’s knowledge of the market and the property, will significantly enhance the value of the asset in the short-term as they execute their value-add business plan,” 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