Dealmaker: Meridian Arranges $46M in New York

Meridian Capital Group, New York, arranged $46 million in permanent financing for office and multifamily properties in New York.

Meridian Managing Director Rael Gervis and Associate Michael MacNeil arranged $8 million for 22 Chelsea Properties LLC to refinance a multi-tenant office property in Manhattan’s Flatiron District.

The five-year fixed-rate loan from a New York balance sheet lender priced at 3.875 percent and included two years of interest-only payments and a five-year extension option.

The 14,400-square-foot property near Fifth Avenue and Madison Square Park is anchored by Crossmedia Inc. and restaurant Mangia 57.

Meridian Executive Vice President Avi Weinstock and Vice President Josh Rhine secured $21 million for Benedict Realty Group to reposition Garden City Square, a commercial condominium in Garden City on Long Island. The seven-year, 3.875 percent loan included five years of interest-only payments and a five-year extension option.

Located at 711 Stewart Avenue, Garden City Square totals 116,000 square feet and currently houses seven professional and medical tenants.

In Brooklyn, Meridian arranged $17 million to refinance a five-property multifamily portfolio. The five-year loans from a national balance sheet lender included 3.00 percent and 3.13 percent fixed rates and five-year extension options. Meridian Senior Vice President Judah Hammer secured the financing.

All five properties–185 Clifton Place, 1097 Dekalb Avenue, 234 Franklin Avenue, 417 Hart Street and 476 Pulaski Street–are in Brooklyn’s Bedford-Stuyvesant neighborhood. The borrower built the properties in the late 1990s and early 2000s.