March 28, 2018
Meridian Capital Group, America’s most active dealmaker, arranged $127 million in construction financing for the redevelopment of One Prospect Park West, a multifamily property in Brooklyn, NY on behalf of Sugar Hill Capital Partners.
The loan was provided by Mack Real Estate Credit Strategies and was negotiated by Meridian Senior Managing Director, Ronnie Levine, Vice President, Shamir Seidman and Vice President, Ben Jacobs, who are all based in the company’s New York City headquarters.
“Meridian previously arranged the acquisition financing for One Prospect Park West and is proud to again have represented Sugar Hill Capital Partners in negotiating financing for this transformative project” said Mr. Levine.
One Prospect Park West is a nine-story mixed-use building located on the prized northwest corner of Prospect Park in Brooklyn, NY. The pre-war building is the largest structure on Prospect Park West and Sugar Hill Capital Partners plans to restore the property to its original grandeur.
One Prospect Park West’s desirable location offers future residents direct access to Brooklyn’s burgeoning cultural renaissance and is in close proximity to neighborhood attractions such as the Brooklyn Public Library, Brooklyn Botanic Garden and the Brooklyn Museum, in addition to Prospect Park. The property also benefits from Park Slope’s nearby sprawling historic district, which features a multitude of cuisine options and an impressive collection of libraries, museums, and public events. Additionally, One Prospect Park West is presently zoned for elementary school PS 321. This location also provides for an easy commute to Manhattan via the 2 and 3 subway lines at the Grand Army Plaza station and the B and Q lines from 7th Avenue.
Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2017, Meridian closed over 3,000 transactions across more than 200 unique lenders. Since inception, the company has closed more than $270 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. 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, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com