Dealmaker: Meridian Capital Group Arranges $78M for Multifamily, Office

Meridian Capital Group, New York, arranged $77.5 million to construct a New York multifamily property and refinance a Norwalk, Conn. office property.

The firm secured $60 million from S3 Capital Partners, New York, that will allow JCS Realty to build 276 Grand Concourse in The Bronx Mott Haven neighborhood. Managing Director Isaac Filler and Associate Yossi Koschitzki negotiated the 24-month LIBOR-based floating-rate loan full-term interest-only payments.

The 12-story property will contain 215 units in 190,000 square feet. Residents will be near the 4 and 5 subway lines at the 138th Street – Grand Concourse station as well as various restaurants, supermarkets and schools.

In Connecticut, Meridian secured $17.5 million to refinance office property SONO 50 at 50 Washington Street in the South Norwalk “SoNo” neighborhood. A regional bank provided a seven-year loan at 3.6 percent with one year of interest-only payments.

Meridian Managing Director Tamir Kazaz and Vice President Eli Finkel arranged the financing.

Standing 14 stories, SONO 50 totals 193,000 rentable square feet. It was recently renovated into the only fully amenitized Class A office tower in the area. SONO 50 is a five-minute walk from the South Norwalk commuter rail station on the Metro-North line into New York.