Dealmaker: Meridian Capital Secures $20M for Retail, Multifamily

Meridian Capital Group, New York, arranged $19.7 million for a triple-net leased BJ’s Wholesale Club in Massachusetts and a New York multifamily property.

Meridian Associate David Oheb secured $13.7 million to refinance the Plymouth, Mass. BJ’s Wholesale Club The 10-year fixed-rate loan from a balance sheet lender bears interest at 2.94 percent and includes two years of interest-only payments. 

The collateral property anchors the 300,000-square-foot Grove at Plymouth regional outdoor shopping center. With no wholesale competition within a 30-mile radius, the wholesale club has generated consistently strong sales since opening in 2004, Oheb said. 

“After the United Kingdom’s referendum to withdraw from the European Union in early July 2016, the 10-Year U.S. Treasury rate fell to its lowest point in history,” Oheb said. 

In New Rochelle, N.Y., Meridian arranged $6 million to refinance a 54-unit six-story multifamily property. The seven-year loan priced at 3.25 percent.

Meridian Senior Vice President Jacob Schmuckler negotiated the terms with a balance sheet lender. 

Just north of New York City, New Rochelle represents a lower-cost housing alternative to the city, Schmuckler noted. “An influx of buyers and renters from New York City is creating an expanding market in downtown New Rochelle,” he said.