Dealmaker: Meridian Capital Arranges $128M

Meridian Capital Group, New York, arranged $88 million in senior and mezzanine financing secured by 28 assets in Brooklyn and Manhattan.

Meridian Senior Vice President Simon Rosenfeld, Senior Managing Director Rael Gervis and Associate Craig Berger arranged the acquisition financing for Delshah Capital, which acquired the properties from Silvershore Properties for $100.7 million. Managing Directors Rich Velotta and Abie Kassin brokered the sale.

The five-year acquisition financing package included a competitively priced senior loan with an interest-only component provided by a balance sheet lender and a fixed-rate full-term interest-only mezzanine loan provided by a national finance company.

The portfolio’s 28 assets total 200,000 gross square feet including 210 multifamily residential units and 17 retail spaces located primarily in Brooklyn’s Bushwick and Bedford-Stuyvesant neighborhoods as well as two in downtown Manhattan. Notable properties included 808 Prospect Place, a 19-unit building with five commercial spaces in Crown Heights and 41 Henry Street, a 20-unit building in the Lower East Side.

Meridian also arranged $40 million for three vacant commercial properties in Manhattan’s Financial District for borrower The Moinian Group, New York. The 12-month land loan from a balance sheet lender included two six-month extension options and a prime-based floating rate. Senior Managing Director Drew Anderman and Senior Vice President Alan Blank negotiated the deal.

Located at 102-110 John Street in the Financial District, the site currently houses three vacant four- and five-story commercial buildings with totaling nearly 65,000 square feet. The development site has more than 250,000 square feet of development rights near the Seaport District.

“This loan was structured with no prepayment penalty, therefore providing maximum flexibility to the borrower as they proceed with their development plans for the site,” Anderman said.