November 15, 2017
Meridian Capital Group, America’s most active dealmaker, negotiated $15.4 million in acquisition and construction financing for a mixed-use condominium development in the East Village neighborhood of New York City, on behalf of Barrett Design.
The l8-month loan, provided by a balance sheet lender, features a floating rate of 6.50% and full-term interest-only payments with two six-month extension options. The financing was negotiated by Senior Managing Director, Tal Bar-or who is based in the companyâ€™s New York City headquarters.
The development site, located at Three East Third Street, is planned to contain a retail condominium on the ground floor of approximately 4,969 square feet, including the mezzanine and basement levels, and five residential units above. The unit mix will include four full floor units of approximately 1,800 square feet each, and 1,967 square foot duplex penthouse.
Situated in a prime location, Three East 3rd Street is at the heart of a neighborhood that is known for its unique culture, eclectic mix of residents, down-to-earth attitude and kinetic nightlife. The area is also home to diverse restaurants, buzzing bars, entertainment venues, and vintage shops. New York University and Cooper Union are a short distance from the property and attract students, artists, foodies, and style-hunters to the locale. Getting around New York from the East Village is fast and convenient; the 6, F, and L subway lines and several local and express bus routes are easily accessible.
“It was a pleasure and an honor to work with Barrett Design, an architecture and real estate firm known for its distinctive high-quality residential condominiums,” said Mr. Bar-Or. “I am confident that Barrett Design’s new building will be a beautiful addition to the neighborhood.”
Founded in 1991, Meridian Capital Group is Americaâ€™s most active deal maker and one of the nationâ€™s leading commercial real estate finance and investment sales firms. In 2016, Meridian closed $35 billion in loan volume and sold over $2 billion in commercial properties. 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 worldâ€™s leading real estate investors and developers and the companyâ€™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