FOR IMMEDIATE RELEASE
Meridian Capital Group Arranges $8.5 Million in Construction Financing for the Development of a Days Inn Hotel in Brooklyn, NY
December 11, 2017, New York, NY â€“ Meridian Capital Group, Americaâ€™s most active dealmaker, arranged $8.5 million in construction financing for the ground-up development of a Days Inn hotel in Brooklyn, NY, on behalf of a prolific hotel developer.
The 24-month construction loan, provided by a savings bank, features a floating rate in the mid-five percent range and full-term interest-only payments. This transaction was negotiated by Meridian Vice President, Eli Finkel, and Vice President, Eli Serebrowski, who are both based in the companyâ€™s New York City headquarters.
The Days Inn hotel is planned to be five stories and will contain a total of 91 keys. The property is located on Eastern Parkway, a historic promenade with a pedestrian mall on either side that was designed by the renowned urban planners behind both nearby Prospect Park and Manhattanâ€™s Central Park. Its location in Crown Heights is close to some of the best attractions that Brooklyn has to offer, including Prospect Park, the Brooklyn Botanic Gardens, and the Brooklyn Museum, which is New York Cityâ€™s second largest museum in physical size and houses an art collection of roughly 1.5 million works. Crown Heights also has a rich architectural landscape, with historic row houses lining the streets. The neighborhood is also home to fun and interesting restaurants on nearby Franklin Avenue.
â€œOur team is proud to have again arranged construction financing from a bank in capital markets environment where lenders are scaling back on ground-up construction, especially for hotel developments,â€ said Mr. Serebrowski. â€œMeridian recently closed several similar transactions for this developer throughout Manhattan, the Bronx, and Brooklyn. Having hands-on experience and strong lender relationships allowed us to quickly identify the appropriate bank and negotiate favorable terms that will benefit the project.â€
Founded in 1991, Meridian Capital Group is Americaâ€™s most active dealmaker and one of the nationâ€™s leading commercial real estate finance and investment sales firms. In 2016, Meridian closed $35 billion in loan volume and sold over $2 billion in commercial properties. Since inception, the company has closed more than $270 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 worldâ€™s leading real estate investors and developers and the companyâ€™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