Meridian Capital Group Arranges $304M

Meridian Capital Group, New York, arranged $251 million in construction financing for Pier 6 at Brooklyn Bridge on behalf of RAL Companies, Vanke US and Oliver’s Realty Group.

Meridian Senior Managing Director Drew Anderman and Senior Vice President Alan Blank secured the financing from a balance sheet lender.

Anderman and Blank also arranged $160 million in joint-venture equity for the condominium and rental apartment property.

Located at Brooklyn Bridge Park along the Brooklyn Heights waterfront, the project will consist of Quay Tower, a 29-story condominium tower with 126 units, and a 14-story rental tower with 140 units. Of the 140 units rental, 100 will be affordable housing.

Both buildings will have views of the Manhattan skyline, New York Harbor, the Statue of Liberty and the Brooklyn Bridge. Spanning 1.3 miles along the East River in Brooklyn Heights, Brooklyn Bridge Park includes six piers and Empire Fulton Ferry in addition to two historic sites: Empire Stores and the Tobacco Warehouse.

Meridian also arranged $53 million in financing for Broadmoor Apartments, a Hamden, Conn. multifamily property. The 10-year fixed-rate loan with five years of interest-only payments followed by a 30-year amortization schedule locked at a 1.58 percent spread. Meridian Managing Director Shaya Ackerman and Senior Vice President Shaya Sonnenschein negotiated the transaction.

Located at 676 Mix Avenue, Broadmoor Apartments includes 468 studio, one- and two-bedroom units in six buildings. The property has undergone more than $4.1 million in capital improvements since 2014.

Broadmoor Apartments is on the outskirts of the New Haven metro area, home to Yale University and one of the lowest vacancy rates in the country. The property is close to Interstates 91 and 95 and New Haven’s Union Station rail station.