Meridian Capital Group arranged $20 million in financing for an office property located in Brooklyn’s South Williamsburg neighborhood on behalf of 731 Flushing Avenue Associates, LLC.
The five-year loan, provided by a New York-based bank, features a fixed rate of 3.63 percent.
This transaction was negotiated by managing director Allan Lieberman and vice president, Asher Haft, who are both based in the company’s New York City headquarters.
The property, located at 731 Flushing Avenue, is a four-story, 70,000 s/f office property with a sole double-net leased tenant, the New York City Department of Citywide Administrative Services.
The tenant recently completed an extensive renovation of the premises, totaling approximately $5 million. The property is a one minute walk from the J and M subway lines at the Flushing Avenue and Broadway subway stop.
“Despite the single-tenant occupant and the New York City lease termination clause, Meridian was able to structure alternative risk safeguards for the lender to approve a non-recourse loan,” explained Lieberman.
“The building is in a prime location in the Williamsburg section of Brooklyn, just down the block from the J and M subways stations and across the street from Woodhull Medical Center,” he added. “Furthermore, the borrower will benefit from a significant cash-out and an attractive rate.”