April 27, 2018
Meridian Capital Group, America’s most active dealmaker, arranged $411 million in construction financing and joint-venture equity for Pier 6 at Brooklyn Bridge on behalf of RAL Companies, Vanke US, and Oliver’s Realty Group.
The loan was provided by a balance sheet lender and totals $251 million while the joint-venture equity totals $160 million. This transaction was negotiated by Meridian Senior Managing Director, Drew Anderman, and Senior Vice President, Alan Blank, who are both based in the company’s New York City headquarters.
“The professionalism and attention to detail that RAL and their partners have devoted to this project over the last three years is a testament to their vision, and when complete, they will be two of the finest buildings in Brooklyn and the New York City area,” said Mr. Anderman.
Located at Brooklyn Bridge Park along the Brooklyn Heights waterfront, the project will consist of Quay Tower, a 29-story luxury condominium tower consisting of 126 units ranging from two- to five-bedroom units, and a 14-story rental tower comprised of 140 units. Of these 140 units, 100 will be affordable housing while the remaining 40 will be free-market rentals. Both buildings will feature views of the Manhattan skyline, New York Harbor, the Statue of Liberty, and the Brooklyn Bridge, in addition to amenities including a full-sized gym, a pilates and yoga room, an entertainment room, public rooftop terraces, and outdoor grilling space.
Spanning 1.3 miles along the East River in Brooklyn Heights, Brooklyn Bridge Park was designed by Michael Van Valkenburgh Associates and includes Piers 1-6, Empire Fulton Ferry, John Street and Main Street, in addition to playgrounds, dog parks, recreational areas, and two historic sites: Empire Stores and the Tobacco Warehouse. Pier 6, where the towers will be located, features large planted areas, providing a relaxing, natural environment complete with a diverse array of native plants and trees. The pier is easily accessible via the B63 bus, which stops at the foot of Atlantic Avenue, and the 4, 5, 2, 3, N, R, and W trains, located less than a mile from the properties.
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