Meridian Capital Group secured $11.8 million in construction financing for a commercial development in the Bay Ridge section of Brooklyn on behalf of Veracity Partners.
The six-story development is located at 8904 5th Avenue and will contain 40,000 s/f of office and retail space.
The 24-month, non-recourse, interest-only loan was provided by Knighthead Funding and negotiated by Meridian senior managing director, Adam Hakim, and senior vice president, James Murad, who are both based in Meridian’s New York City headquarters.
“Knighthead Funding has provided Veracity Partners with attractive financing that will allow for the completion of this best-in-class commercial development in the center of Bay Ridge,” said Hakim. “Although the project is speculative in nature, the design has already begun to prove its appeal to a variety of retail, educational, office and non-profit tenants in the South Brooklyn market in need of high-quality, class-A space.”
Veracity Partners is a New York City-based developer with experience in ground-up developments and the repositioning of assets throughout Manhattan, Brooklyn, and the Bronx. Led by principal Michael Marino, the firm has developed projects across all major asset classes, with an emphasis on retail, office, and multifamily. Marino also leads MJM Contracting, the general contractor for this project.