Meridian Capital Group arranged $14.3 million in financing to refinance 8904 5th Avenue in Brooklyn on behalf of Michael Marino of MJM Associates.
The five-story newly built commercial building is located at the Northwest corner of 5th Avenue and 89th Street in the heart of Bay Ridge, Brooklyn. This building, spanning 36,100 square feet, is tenanted by childcare service, The Learning Experience, and grocery delivery service, Buyk Corp.
“8904 5th Avenue is the premier Class A new construction commercial building in Bay Ridge. Given the property’s high-quality finishes and its prime corner location, offering incredible natural light, it is no surprise that the building leased up quickly upon completion,” said Adam Hakim, Meridian Senior Managing Director.
“The lender provided fantastic terms for our client, which allowed them to fully repay their construction loan, return some equity to sponsorship, and lock in a favorable, fixed interest rate,” said Mr. Hakim.