March 21, 2019
Meridian Capital Group, America’s most active dealmaker, arranged $182 million in financing to refinance 470 Vanderbilt Avenue, a 665,000 square foot office complex located in the Clinton Hill neighborhood of Brooklyn, NY on behalf of affiliates of RXR Realty.
The loan was provided by Bank of America and was negotiated by Meridian Senior Managing Director, Rael Gervis, and Vice President, Richard Sutton, who are both based in the company’s New York City headquarters.
Located at 470 Vanderbilt Avenue, the 10-story, class-A office building is currently 97% leased to an investment-grade tenant roster. The majority of the building’s tenants are New York City agencies, providing a strong combination of cash flow stability and leasing upside from attractive office and retail space, which was recently renovated to feature modernized lobbies and elevators in addition to new mechanical, electrical, plumbing, and security systems. The state-of-the-art property also benefits from nearly 15-foot-high ceilings and abundant air and light.
Situated between Claremont Avenue and Vanderbilt Avenue, the property is ideally located at the nexus of Fort Greene, Clinton Hill, and Prospect Heights in the northwest region of Brooklyn, which has seen an influx of commercial and residential developments, retailers, restaurants, and hotels. 470 Vanderbilt is also adjacent to Pacific Park and the Barclays Center, which hosts more than 250 events per year, and enjoys close proximity to the C, D, Q, 2, 3, 4, 5, B, D, M, N and R subway lines in addition to the Long Island Railroad at Atlantic Terminal.
Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2018, Meridian closed over $37 billion in financing through more than 3,500 transactions across more than 250 unique lenders and sold nearly $1 billion in commercial property. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida, and California.