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Debt & Equity

Heskel retail checks all the boxes for lender

Meridian Capital Group negotiated $22 million in financing for the refinance of two retail properties in New York City and Forest Hills, on behalf of Heskel Elias of The Heskel Group.

The 10-year loan, provided by a balance sheet lender, features a rate of 4.00 percent and was negotiated by managing director Justin Boruchov, who co-leads a team with senior managing director, Morris Betesh.

Located at 991 Third Avenue in Midtown Manhattan and 70-25 Austin Street in the Forest Hills, Queens, NY, the two properties are home to Capital One, Ann Taylor and Charles Schwab.

Both rest on prime corners in their respective neighborhoods, with the three-story Capital One on Third Avenue occupying one of the most visible retail corners in Manhattan, directly across from Bloomingdales’ flagship location.

The single-story building occupied by Ann Taylor and Charles Schwab is also surrounded by a plethora of dining, shopping, and entertainment options, including Target, Shake Shack, and the historic open-air music venue, Forest Hills Stadium.

“While many banks are shying away from retail today, there is always demand for great properties and strong sponsors,” said Boruchov.

“Heskel has prime locations with credit tenants and it was reflected in the better-than-market loan terms Meridian was able to negotiate.”

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