February 1, 2018
Meridian Capital Group, America’s most active dealmaker, arranged $8.6 million in financing for the ground-up construction of a Days Inn Hotel in the Lower East Side neighborhood of New York, NY.
The 24-month loan, provided by a balance sheet lender, features a rate of 3.75% over 30-day LIBOR. This transaction was negotiated by Meridian Vice Presidents, Eli Serebrowski and Eli Finkel, who are based in the company’s New York City headquarters.
The 14-story property, which will contain 48 rooms, is in the heart of Manhattan’s Lower East Side neighborhood, home to some of the best nightlife, dining, and entertainment in the city. The area is also known for its vibrant art scene, with small contemporary galleries sprinkled throughout the neighborhood. Some hot spots include trendy restaurant Beauty & Essex, famed deli Katz’s Delicatessen, live entertainment venue Bowery Electric, and the historic Tenement Museum. The property is easily accessible via the B and D subway lines at Grand Street and the F subway line at Delancey Street.
“Meridian’s strong banking relationships enabled us to bring in an out-of-state balance sheet lender to provide financing for this hotel development, despite an extremely limited construction financing environment, and ultimately close the deal in 35 days,” said Mr. Serebrowski.
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