May 1, 2018
Meridian Capital Group, America’s most active dealmaker, negotiated $22 million in financing for the refinance of two retail properties in New York City and Forest Hills, NY, on behalf of Heskel Elias of The Heskel Group.
The 10-year loan, provided by a balance sheet lender, features a rate of 4.00% and was negotiated by Meridian Managing Director, Justin Boruchov, who co-leads a team with Senior Managing Director, Morris Betesh, and is based in the company’s New York City headquarters.
Located at 991 Third Avenue in Midtown Manhattan and 70-25 Austin Street in the Forest Hills neighborhood of Queens, NY, the two properties are home to Capital One, Ann Taylor and Charles Schwab. Both rest on prime corners in their respective neighborhoods, with the three-story Capital One on Third Avenue occupying one of the most visible and desirable retail corners in Manhattan, directly across from Bloomingdales’ flagship location. The single-story building occupied by Ann Taylor and Charles Schwab is also surrounded by a plethora of dining, shopping, and entertainment options, including Target, Shake Shack, and the historic open-air music venue, Forest Hills Stadium.
Both properties are easily accessible via several subway routes, as 991 Third Avenue is in close proximity to the 4, 5, 6, and N, Q, and R lines at the 59 Street-Lexington Avenue station, and 70-25 Austin Street is located just one block from the E, F, M, and R trains at the Forest Hills-71 Avenue station.
“While many banks are shying away from retail today, there is always demand for great properties and strong sponsors,” said Mr. Boruchov. “Heskel has prime locations with credit tenants and it was reflected in the better-than-market loan terms Meridian was able to negotiate.”
Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2017, Meridian closed over 3,000 debt transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property. Since inception, the company has closed more than $300 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