Meridian Capital Group Arranges

Meridian Capital Group, New York, arranged $48.5 million for office and retail properties in New York and California.

In Brooklyn, N.Y., Meridian Managing Director Allan Lieberman and Vice President Asher Haft arranged $20 million to refinance a four-story, 70,000 square foot office property.

A New York bank provided the five-year loan to sponsor 731 Flushing Avenue Associates LLC at a 3.63 percent fixed rate. 

The New York City Department of Citywide Administrative Services leases the property at 731 Flushing Avenue. The tenant recently completed a $5 million renovation.

“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,” Lieberman said. He noted that the building is close to the J and M subway stations and across the street from Woodhull Medical Center.

Lieberman said the borrower benefited from a significant cash-out and a lower interest rate with the new financing.

In downtown San Francisco, Meridian Managing Director Shaya Ackerman and Senior Vice President Shaya Sonnenschein arranged $28.5 million in commercial mortgage-backed securities financing to refinance a retail condominium at 166 Geary Street.

Citigroup provided the 10-year, full-term interest-only loan to The Jackson Group.

The retail condominium totals 12,713 square feet of retail space in Union Square, the city’s central shopping, hotel and theater district, and runs parallel to retail corridor Haight Street. A Neiman-Marcus store is across the street. Notable retail tenants include Jimmy Choo and La Perla. 

“This luxury retail condominium, with its central location and its strong tenants, was well-suited for a CMBS loan,” Ackerman said.