Dealmaker: Meridian Capital Group Secures $77M

Meridian Capital Group, New York, arranged $77.4 million for mixed-use, multifamily and industrial properties.

Managing Director Carol Shelby negotiated $36 million to recapitalize five contiguous mixed-use properties in New York’s West Village and SoHo neighborhoods. Meridian helped the client manage the defeasance process for their existing commercial mortgage-backed securities loan, which allowed them to cash out equity and capitalize on the low rate environment with more flexible financing, Shelby said.

The 10-year balance sheet lender loan priced at 2.85 percent and included one year of interest-only payments. 

Shelby said the walk-up multifamily buildings on Thompson Street total 115 residential units and two retail spaces.

In Jamaica, Queens, Meridian Senior Vice President David Hayum and Vice President Tal Savariego arranged $17.9 million in construction financing for a multifamily property. A balance sheet lender provided the three-year interest-only loan to the Long Island-based borrower.

When complete, the ground-up multifamily development at 177-30 Wexford Terrace will include 68 apartments and a community facility. 

Meridian also arranged $23.5 million in CMBS financing on a North Bergen, N.J. industrial property for Sitex Group and EXP. Senior Managing Director Tal Bar-Or, Vice President Raj Khatiwala and Senior Associate Kyle Kite made the arrangements. Benefit Street Partners provided the 10-year fixed-rate loan at less than 5 percent. 

“This transaction involved a complicated recapitalization which allowed Sitex Group to monetize their value enhancements to the property since acquisition,” Bar-Or said. “EXP was able to take a more direct stake in the property.”

The 293,000-square foot property contains a refrigerated and climate-controlled industrial space close to the New Jersey Turnpike.