A 10-year, $3 million loan priced at 3.65% was negotiated by Meridian Associate, Jim Fiesel, for the four-story property located at 312 Bowery and a 10-year, $1.2 million loan priced at 3.70% was arranged by Meridian Associate, David Oheb, for the three-story property located at 308-310 Bowery. Messrs. Fiesel and Oheb are both based in Meridian’s New York City headquarters.
The property located at 312 Bowery is composed of 22 residential units and one retail space totaling 3,900 square feet housing The Hole, a contemporary art gallery for emerging artists. The property located at 308-310 Bowery contains two residential units, two retail units totaling 4,300 square feet and one office space totaling 3,000 square feet. 308-310 Bowery is home to several notable tenants including Duane Park, Bowery Bar and Washington Square Films.
“These two assets have experienced tremendous appreciation given the ongoing gentrification of the neighborhood. Rents and market values in the area will only continue to trend upwards as new developments redefine Bowery,” said Mr. Fiesel.
“With interest rates rising, our clients moved quickly to take advantage of locking in below-market fixed-rates for 10-year terms,” said Mr. Oheb.
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