Meridian Capital Group negotiated $22.8 million in permanent and mezzanine financing for the purchase of Solomon Plaza, a retail and office property in Brooklyn, NY.
The financing is composed of a $15 million senior mortgage, provided by Signature Bank, and a $7.8 million mezzanine loan, provided by RCG Longview.
The two-year loans have a blended rate in the mid-5.00 percent range and are full-term interest-only with one-year extension options.
These transactions were negotiated by Meridian Capital Group managing director Tal Bar-Or, and vice president, Judah Neuman, who are both based in the Company’s New York City headquarters.
Solomon Plaza, located at 5002 13th Avenue in Brooklyn’s Borough Park neighborhood, contains 16,000 s/f of ground floor retail space and 16,000 s/f of office space as well as a 50-space below-grade parking garage.
The property occupies an entire city block front on 13th Avenue between 50th and 51st Streets just two blocks from the D subway line.
“We are pleased to have worked with the team at RCG and Signature to finance the sponsor’s business plan. This was a unique opportunity to take a property that has rarely traded hands and create something that can enhance the entire neighborhood,” said Bar-Or.
“We believe that the new ownership will be successful in executing the business plan to realize the full potential of this property,” he added.
Meridian also announced an $11.8 million CMBS loan for the refinance of the North Park Shopping Center located in Bridgeport, CT.
The 10-year loan, provided by a CMBS lender, features a fixed-rate of 4.38% and interest-only payments for the first four years.
This transaction was negotiated by Hammer, and Meridian associate, Michael Ryback.
North Park Shopping Center, located at 1700 Park Avenue in Bridgeport, CT, contains nine retail units totaling 53,700 square feet. Notable tenants include McDonald’s, People’s United Bank and T-Mobile.