Meridian Capital Group Arranges Equity for the Acquisition of a Development Site in the Greenpoint Neighborhood of Brooklyn, NY

October 17, 2012, New York, NY – Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, recently negotiated a joint venture equity investment by The Davis Companies in concert with Cayuga Capital Management for the acquisition of the development site located at 101 West Street in the Greenpoint neighborhood of Brooklyn, NY.

The Davis Companies will retain a majority stake in the transaction in return for their equity contribution. Cayuga Capital Management will act as the general partner and lead the development of the project. Peter Steier, Managing Director, Head of Equity Capital Markets and Aaron Appel, Managing Director, both of Meridian, negotiated this transaction.

The joint-venture acquired the 12,444 square foot site in September 2012 for $5.2 million in an all-cash transaction and is currently planning a 35,200 square foot multifamily building containing approximately 50 apartments ranging in size from studios to three-bedrooms. The building will feature recreational space on the second floor, a 25-car parking lot with Zipcar availability and a laundry facility. The units in the building will have nine-foot ceilings and gourmet kitchens with stainless steel appliances as well as private terraces and balconies to complement views of the Manhattan skyline. The building is also located on the same block as the recently opened 1.6-acre waterfront Transmitter Park.

The property is located at the corner of Greenpoint Avenue and West Street in Southwest Greenpoint and has frontage on Greenpoint Avenue, West Street and Kent Street. In addition to convenient access to the G subway line, residents will also enjoy easy access to the new India Street / Greenpoint East River Ferry Terminal.

“Meridian is very pleased to be able to bring together Cayuga Capital Management and The Davis Companies, two prominent real estate investors, to make this transaction work. Given the limited stock of new rental housing in Greenpoint, the strong location and the ever increasing demand for Brooklyn rentals, we believe that there is significant upside to be recognized by this talented team,” said Mr. Steier.

“Adding a layer of complexity was the fact that this deal required the simultaneous purchase of the deed and defaulted note outstanding on the property. This is a prime example of how Meridian can leverage its broad relationships throughout the capital stack to structure a unique value-add solution on behalf of sophisticated institutional clients,” Mr. Appel added.

Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate capital advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida, Arizona 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

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