Meridian Capital Group arranged $28 million in financing for the cash-out refinance of seven commercial properties located in Brooklyn, NY.
The seven-year loan, provided by a balance sheet lender, features a rate of 3.85 percent and a 30-year amortization schedule.
The financing for the transaction was negotiated by Meridian Associate, Bryan Geffen, who is based in the company’s New York City headquarters.
Located at 1010-1032 Nostrand Avenue, 330 Empire Boulevard, 1500-1506 Fulton Street, and 1917-1921, 2819, and 2828 Church Avenue, the properties house businesses including Rite Aid, Subway, and H&R Block.
All seven buildings are in high-traffic areas throughout Brooklyn’s Crown Heights, Flatbush and East Flatbush neighborhoods and have immediate access to several subway lines, including the 2 and 5 trains at the Sterling Street station, the C line at the Kingston-Throop Avenues station, and the B and Q trains at the Church Avenue station. “Negotiating, structuring, and closing a deal with seven properties and multiple tenants can be challenging, but Meridian was able to work efficiently with the lender and deliver an exceptional execution for our clients,” said Geffen.
“Our long-standing relationship with this lender, coupled with the properties’ strong locations and proximity to subways, allowed Meridian to negotiate below market pricing for a commercial package that maximized cash flow and enabled us to achieve the desired loan amount.”