Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, arranged a $2.9 million mortgage for the refinance of Westchester Square Plaza located in Bronx, NY.
The 15-year self-liquidating loan has a competitive fixed-rate of 4.00% and was provided by a local savings bank. This transaction was negotiated by Meridian Capital Group Associate, Sean Robertson, who is based in the Company’s New York City headquarters.
Westchester Square Plaza, a mixed-use property built in 1921, totals 19 residential units, 14,000 square feet of retail space and a 10,000 square foot parking lot. The property is located at 44-53 Westchester Square in the East Bronx.
“Meridian was able to secure a loan that met the client’s rate, term and flexibility requirements,” said Mr. Robertson. “We negotiated a long-term, self-liquidating mortgage at a low fixed-rate with a flexible prepayment penalty that allows the client to obtain additional proceeds in the future. The success of this transaction is a testament to Meridian’s strong lender relationships and the eagerness of lenders to compete for good real estate in the boroughs,” 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