Meridian Capital Group arranged $119 million in acquisition financing for the purchase and repositioning of a Red Hook industrial portfolio located in Brooklyn, on behalf of Sitex Group.
The loan, provided by a debt fund, features a competitive rate and full-term interest-only payments. The transaction was negotiated by Meridian Senior Managing Director, Tal Bar-Or and Senior Associate, Kyle Kite, who are both based in the company’s New York City headquarters.
The Red Hook industrial portfolio, located at 44 Ferris Street, 68 Ferris Street, 100 Ferris Street, 216 Sullivan Street, and 242-300 Coffrey Street, features 11.4 contiguous acres of waterfront property in the Red Hook neighborhood of Brooklyn.
The portfolio consists of five two-story industrial assets, totaling 285,994 s/f of warehouse space and includes a 99,740 s/f parking lot.
The property has 1,200 feet of unobstructed coastline, as well as direct vehicular and pedestrian access to Manhattan via the Brooklyn Bridge, the Franklin D. Roosevelt Drive, and Interstate 278 West.
“The sponsor’s strong track record and diligence on the site location enabled Meridian to tailor a financing structure that provided the client with the optimal flexibility of a balance sheet transaction with a very attractive loan-to-cost ratio,” explained Bar-Or.
“We had a substantial amount of offers, which speaks to the strength of the sponsorship.”
Sitex purchased the six-building site for $105 million earlier this year from Italian developer, Est4te Four.