Meridian Capital Group negotiated a $22.5 million loan for the purchase of an office condominium in Brooklyn, NY.
The three-year interest-only loan, provided by a regional balance sheet lender, features a floating-rate and two one-year extension options.
This transaction was negotiated by Meridian Capital Group managing director Tal Bar-Or, who is based in the company’s New York City headquarters.
The $22.5 million loan is secured by the top four floors, totaling approximately 76,500 s/f of the Montague Pavilion Condominium, located 195 Montague Street.
The property is a 14-story glass and steel office condominium that was built in 1960 and renovated and converted to condos in 1994. Tenants now include federal and city agencies as well as medical-related offices.
“Vacancy, fractured condo and a short closing timeframe were three obstacles that may have prohibited others from successfully completing this assignment, but Meridian was confident in the sponsorship, location and intrinsic value,” said Bar-Or.
“We were able to tailor a balance sheet financing solution in a short timeframe and with highly flexible terms. This will prove to be a signature office block in the downtown Brooklyn market and we look forward to working with our clients on the continued development of this area.”