Meridian Capital Group arranges two loans totaling $89 million; Includes $70 million by Adler for Beekman Tower

August 15, 2017 - Financial Digest
Steven Adler,
Meridian Capital

 

Blake Orman,
Meridian Capital

 

Manhattan, NY Meridian Capital Group has arranged two loans totaling $89 million.

Beekman Tower - Manhattan, NY

In the first deal, $70 million was placed for the refinance of the Beekman Tower mixed-use property located in the Midtown east neighborhood. The 10.5-year loan, provided by a national CMBS lender, features full-term interest-only payments. This transaction was negotiated by Meridian managing director, Steven Adler and vice president, Simcha Schick, who are both based in the company’s NYC headquarters. The borrower was represented by the Schneider Law Group.

Beekman Tower, located at 3 Mitchell Pl., is a 26-story, 114,000 s/f art deco skyscraper with a 10-story annex connected via the ground and second floors of the main tower. 

Meridian also arranged $19 million in construction take-out financing for the refinance of a mixed-use property located in the Midwood neighborhood of Brooklyn. The seven-year loan, provided by a local balance sheet lender, features a fixed rate of 4%. This transaction was negotiated by Meridian Associate, Blake Orman, who is based in the company’s NYC headquarters.

The property, located at 1122 Chestnut Ave. in Midwood, is a seven-story mixed-use property, consisting of 57 class-A rental units and 12,600 s/f of ground-floor commercial space. 

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