Meridian Capital Group, America’s most active dealmaker, arranged $5 million in balance sheet financing for the refinance of a mixed-use portfolio located in East Harlem.
The seven-year loan, provided by a local balance sheet lender, features a competitive fixed rate of 3.35%. This transaction was negotiated by Meridian Associate, Bryan Geffen, who is based in the company’s New York City headquarters.
The portfolio, located at 2024-2036 2nd Avenue, consists of four four-story buildings in the heart of East Harlem. All four buildings total 25 apartments and seven retail spaces. The property is in close proximity to the Franklin D. Roosevelt East River Drive and the Q subway line at the 96th Street station. Residents enjoy walking distance to parks and playgrounds, a variety of restaurants and shops, as well as new charter schools in an area that is filled with new residential developments.
“Despite the volatile interest rate environment, Meridian was able to identify an angle of approach through their unparalleled local banking relationships and obtained below market financing,” said Mr. Geffen. “This transaction allowed the client to continue developing and adding value to the property while lowering the interest rate significantly,” he added.
Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2016, Meridian closed $35 billion in loan volume and sold over $2 billion in commercial properties. Since inception, the company has closed more than $270 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California.
