Meridian Capital Group negotiated an $18.5 million mortgage for the refinance of two contiguous Harlem properties.
The loan was arranged on behalf of principals Shawn Vahdat and Saba Vahdat, of K&V Realty Corp, and 2109 First Avenue Realty Corp. Shawn and Saba are the children of estate magnate Moujan Vahdat.
The five-year loan, provided by Suffolk County National Bank, features a fixed-rate of 3.125 percent and a five-year extension option.
This is the largest commercial loan that Suffolk County has written since inception in 1890.
The transaction was negotiated by Meridian vice president Isaac Filler. He said the deal is an example of his firm’s ability to vet transactions and introduce sponsors to the lenders who are most well suited to bid competitively on their loans.
“This transaction is a strong example of this dynamic; where Suffolk County National Bank made their largest commercial loan to date, based on their confidence in the sponsors’ experience and long-term commitment to the Harlem marketplace,” he added.
The two mixed-use properties, located at 2105 and 2109 First Avenue in East Harlem, total 66 units and 7,500 s/f of retail space.
“We are grateful to Meridian for their commitment to fueling our growth and enabling us to build upon our presence in the New York real estate market,” said Saba Vahdat.