May 24, 2018
Meridian Capital Group, America’s most active dealmaker, arranged $25 million in financing to refinance a retail and parking facility in Brooklyn, NY.
The 10-year CMBS loan features a rate of 4.86% and full-term interest-only payments. Meridian Vice President, Steven Ribiat, Managing Director, Morris Diamant, and Vice President, Tzvi Krieger, who are all based in the company’s New York City headquarters, negotiated the financing for this transaction.
Located at 236 Atlantic Avenue, the 69,000 square foot property was constructed less than 10 years ago and is situated on the border of Boreum Hill, Cobble Hill, and Brooklyn Heights, three highly-trafficked Brooklyn neighborhoods. The building features 24,000 square feet of ground floor retail space, currently leased to PetSmart and PM Pediatrics, and a parking garage, which includes a ground floor level and two subterranean levels, accessible at the corner of Atlantic Avenue and Pacific Street. The building also includes 42 residential condominiums on the top floors that were not a part of the collateral.
236 Atlantic Avenue is situated in the heart of downtown Brooklyn, immediately adjacent to a plethora of dining and shopping options, in addition to a variety of subway lines, with the G, F, A, C, 2, 3, 4, and 5 trains all within 10 blocks of the property.
“As a hedge against a potentially rising interest rate environment, Meridian negotiated a fixed-rate loan for certainty while structuring maximum interest-only payments to benefit cash flow over the long term,” said Mr. Ribiat.
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 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