Meridian Sells a Mixed-Use Property in the Financial District for $77.5 Million and Arranges $42.9 Million in Acquisition Financing

Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold a mixed-use property in the Financial District of New York, NY for $77.5 million. Managing Directors, Rich Velotta and Abie Kassin, represented the seller and procured the buyer in this transaction. Meridian Managing Director, Josh Rhine, arranged $42.9 in balance sheet and mezzanine acquisition financing for the purchase.

Located at 106 Fulton Street in Manhattan’s Financial District, Fulton Plaza Apartments consists of 81 residential units, ground floor retail, and two stories of commercial space spanning a total of approximately 75,000 square feet. The property is easily accessible via an array of transportation options, including the 2, 3, 4, 5, A, C, J, and Z trains at Fulton Center, and is also advantageously located near the popular Seaport District, which offers unparalleled views of the Brooklyn Bridge and Brooklyn skylines. The area also features some of the oldest architecture in Manhattan and consists of popular retail, dining, and waterfront attractions.

“The Meridian sales team of Abie Kassin and Rich Velotta, combined with the financing team of Josh Rhine and Avi Weinstock, negotiated and executed this deal on terms beyond our wildest expectations,” said Arik Lifshitz of DSA Property Group.

“This was a highly unique transaction that showcases Meridian’s full scope of capabilities as we were able to negotiate the sale of the asset in addition to arranging the financing,” said Mr. Velotta.

“Given the exceptional quality of the asset and strength of the sponsor, Meridian was able to negotiate an assumption of the existing financing, preserving the favorable rate and terms of the acquirer, the Thurman Family of Thurcon Construction and Development,” said Mr. Rhine.

Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2018, Meridian closed over $37 billion in financing through more than 3,500 transactions across more than 250 unique lenders and sold nearly $1 billion in commercial property. 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, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida, and California.