Meridian Capital Group, America’s most active dealmaker, arranged $32 million in financing and preferred equity for The Woodworks LIC, a newly completed mixed-use industrial and office development in Queens, NY on behalf of Barone Management.
The $17 million loan was provided by a balance sheet lender while the $15 million of preferred equity was provided by a private equity fund. This transaction was negotiated by Meridian Senior Managing Director, Adam Hakim, and Senior Vice President, James Murad, who are both based in the company’s New York City headquarters.
Located at 9-03 44th Road in Long Island City, Queens, The Woodworks LIC is a class-A, new construction commercial building that spans a full city block with 45,908 rentable square feet of industrial space on the first floor and 46,961 rentable square feet of office and flex space on the second and third floors. The building offers an unparalleled amenities package inclusive of a beautiful lobby, both communal and private rooftop terraces, a fitness center, shared conference room, and best-in-class utility systems. The property is named in honor of the site’s 40-year history as a cabinet and fine millworks factory. Tenants enjoy immediate proximity to nearby eateries, cafés, shops, and transportation options, including the 7 and G trains at the Court Square station and the E and M trains at the Court Square – 23rd Street station.
“Barone Management has successfully created one of the finest commercial offerings in New York City specifically tailored towards the small-to-midsized businesses that make up the backbone of our workforce. Furthermore, the property provides finishes and amenities that simply aren’t offered to these tenants in other properties, including landscaped outdoor terraces, a fitness center, class-A conference room space and a professional lobby. MetBank and Columbia Pacific worked in tandem to provide Barone Management with fantastic execution to see this project through to stabilization,” said Mr. Hakim.
About Barone Management
Barone Management LLC was founded in 1999. Barone is a vertically integrated development, construction, and management firm operating in the New York City Metropolitan market. With separate but complementary divisions dedicated to developing its own real estate holdings, Barone has found a niche in the highly competitive New York marketplace allowing for Barone to build a diverse portfolio with an established list of partners and projects. A dedicated approach focused on acquiring what it determines to be premium real estate, coupled with a commitment to a value-add business plan rooted in the ability to construct its own projects, has yielded a diverse portfolio of assets in the hospitality, multifamily, office, industrial, and community facility sectors. As of January 2021, Barone has approximately one million square feet of projects that are either completed, actively managed, or under development, including projects that have been sold. Barone’s executive team has a combined experience of over 50 years in the commercial real estate industry covering the intricacies of all stages of the development process, including deal structuring, financing, development coordination, construction management, zoning regulations, building codes, land use considerations, lease-up, tenant relations, and asset management. Since its inception, Barone has successfully acquired and subsequently developed or traded over half a billion dollars in value of operating and development properties throughout the New York City market.