Dealmaker: Meridian Capital Group Arranges $60M

Meridian Capital Group, New York, arranged $59.5 million in financing for two New York mixed-use properties.

Meridian Senior Managing Director Ronnie Levine and Vice President Thomas Wayda arranged $40 million in acquisition financing and a $5 million earn-out facility for a Manhattan mixed-use property on behalf of Churchill Real Estate Holdings, New York. The five-year fixed-rate loan included full-term interest-only payments.

The Upper East Side property, 809-811 Madison Avenue, sits between East 67th Street and East 68th Street. It includes 32 apartments and 2,700 square feet of retail space with Madison Avenue frontage. The Metropolitan Museum of Art, the Guggenheim Museum and Central Park are within a few blocks.

“We were able to secure a fixed-rate balance sheet loan that enables [Churchill] to execute their business plan and maximize the value of the asset,” Levine said.

Meridian also sold 457 Broome Street, a mixed-use building in lower Manhattan, for $21.3 million and arranged $14.5 million in acquisition financing. Senior Executive Managing Director David Schechtman and Managing Directors Lipa Lieberman and Abie Kassin represented the seller and procured the buyer. Vice President Zev Feder arranged a $14.5 million loan for the acquisition.

Located in in SoHo, 457 Broome Street is a six-story cast iron building with 25,000 retail square feet on the ground floor and 3,000 square feet of lower level retail space.