Meridian Capital Group
Credit union closes on biggest loan to date
Meridian Capital Group arranged $28 million in permanent financing for the refinance of a multi-tenant medical office property located in Brooklyn, NY.
The five-year loan, provided by Bethpage Federal Credit Union, features a fixed-rate of 4.25 percent and the ability to prepay at any time without a penalty.
The transaction was negotiated by Meridian managing director Shaya Ackerman, and senior vice president Shaya Sonnenschein, who are both located in the company’s New York City headquarters.
The eight-story property, totaling 72,300 s/f, is located at 902 Quentin Road in Brooklyn’s Sheepshead Bay neighborhood in close proximity to Kings Highway, Ocean Parkway and the B and Q Subway lines.
The property is currently anchored by New York University and Touro College.
“Having previously arranged the construction financing for this property, we already knew everything about the building, area and sponsorship, which gave us a unique advantage,” said Ackerman.
“Using this knowledge in combination with Meridian’s strong lender relationships, we were able to structure a very flexible takeout loan that is also Bethpage Federal Credit Union’s largest closed loan to date.”
Flushing Bank finances retail rehab
Holliday Fenoglio Fowler, L.P. (HFF) arranged $21.7 million in acquisition financing for Drexeline Shopping Center, a 264,417 s/f grocery-anchored, mixed-use retail center with office space in the Philadelphia suburb of Drexel Hill, Pennsylvania.
HFF worked on behalf of the borrower, a partnership between The Hampshire Companies and MCB Real Estate, and with the lender, Flushing Bank, to provide permanent financing.
Loan proceeds will be used for the acquisition and a secure line of credit for redevelopment and repositioning of the shopping center.
Consisting of five buildings, Drexeline Shopping Center is home to more than 40 retail and office tenants, including grocery-anchor Shop Rite, Ace Hardware, Anthony’s Restaurant and Children’s Dental Health Associates.
The mixed-use center is situated on 18.46 acres at 4990-5100 State Road at the signalized intersection of State Road and Route 1, which has an average daily vehicle count exceeding 35,000.
The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula and director Michael Klein.
“Drexeline Shopping Center is situated in an infill location with great demographics,” Klein said.
“The partnership between MCB Real Estate and The Hampshire Companies has an excellent opportunity to refresh, stabilize and reposition the center for the long-term benefit of the local community.”
Ron Hartmann, Executive Vice President for Commercial Real Estate Lending at Flushing Bank added, “We are excited to expand our lending expertise in support of larger commercial real estate transactions in similar metropolitan markets.”
$17M retail acquisition loan
Daniel Hilpert, managing director, announced that Equicap has arranged financing for the acquisition of a shopping center in Jacksonville, FL.
Equicap negotiated a $18 million non-recourse acquisition loan with a seven-year term at 3.54 percent.
The center consists of 155,899 s/f anchored by Publix grocery store. The shopping center’s other tenants include H&R Block, Planet Fitness, and multiple full service medical offices.
Silver Arch Capital
Lender focused on developer plan
Silver Arch Capital Partners has provided a $12.6 million loan secured by an 81-acre development site in Mansfield, Texas.
Jeffrey Wolfer, president of the Hackensack, NJ-based private lending firm, said the borrower, Geyer Morris Co., a Dallas-based development group, was under contract to acquire the site and the two-year interest-only funding was utilized to complete the acquisition.
The site, currently vacant, in Mansfield, a suburb of Dallas, is entitled for the development of a 500,000 s/f retail center, slated for completion in the spring of 2018.
Plans for the property include a mix of institutional and nationally-recognized tenants.
“Because of its location, demographics and growth in the market, this property is ideal for a retail center,” said Wolfer. “Continued growth in Dallas-Fort Worth has pushed into Mansfield, creating the demographics for new retail. “The potential of this proposed retail project is obvious and, as such, this lending opportunity falls into the scope of our primary focus,” said Wolfer.
“That focus is to provide bridge financing to developers and owners with a vision, offering funding outside the scope of traditional sources.”
Assisted living loan
Love Funding closed a $17.8 million loan for the construction and permanent financing of Heritage Oaks Assisted Living and Memory Care, a proposed healthcare facility in Englewood, Florida.
Financing was secured by senior director Tammy Tate through the U.S. Department of Housing and Urban Development’s Section 232 loan insurance program.