Meridian Capital Group Arranges $35M to Refinance Two Assets

Meridian Capital Group, New York, arranged $35 million to refinance two assets in the Bronx and Long Island City, N.Y.  

Meridian Managing Director Carol Shelby secured $29 million to refinance a Bronx retail property. The 10-year fixed-rate loan priced at 3.5 percent. 

The East Fordham Road building sits in the Bronx’s largest shopping district, Fordham Road, which has more than 300 shops and restaurants. It is within walking distance from the newly renovated Fordham Plaza and Fordham University’s Rose Hill campus with nearly 7,000 students.

“The sponsor has owned the property for over 40 years and has maintained a strong occupancy with a number of national tenants,” Shelby said, noting that the two-story, 42,000-square-foot property houses Old Navy, McDonald’s and Gamestop. 

“A new lease was recently signed with Old Navy and Meridian negotiated favorable terms in a short period of time, which made it possible to close the loan before Old Navy opened,” Shelby said. 

In Long Island City, N.Y., Meridian arranged $6 million to refinance a mixed-use property. The three-story property at 11-22 44th Road houses six commercial tenants. 

Long Island City, the westernmost commercial and residential neighborhood in Queens, was a predominately industrial area, but its waterfront is now lined with high-end residential developments.

Meridian Managing Director Brian Flax, and Associates Blake Orman and Ami Levin negotiated the loan. Flax said the 10-year fixed-rate loan carried a below-market 3.86 percent interest rate.