Brooklyn, NY Meridian Capital Group arranged $19.5 million and $17 million in permanent financing for two flex-office and industrial properties located in the Gowanus neighborhood.
The seven-year and 10-year loans were both provided by a balance sheet lender and were negotiated by Meridian vice president, Shamir Seidman.
The first property, located at 77 19th St., consists of four stories and 188,000 s/f.
The second property, located at 168 7th St. is a three-story, 91,000 s/f building.
The Gowanus neighborhood is located between Carroll Gardens and Park Slope, which are two of the boroughs most sought after neighborhoods. In addition to being a hub for start-up companies and tech innovators, the neighborhood also offers cultural and historical attractions, including Prospect Park, the Brooklyn Museum and the Brooklyn Public Library. Both properties are close to the Gowanus Expressway and near the F, G, D, N, R and W subway lines.
“Gowanus is historically known as an industrial neighborhood and in recent years has been evolving into a high-demand area for new businesses and innovative technology brands,” said Seidman. “Meridian demonstrated Gowanus’ rapid economic and environmental transformation to lenders and negotiated two separate loan closings with favorable terms only a few days apart, which is a testament to the level of activity in the area.”
Founded in 1991, Meridian Capital Group is America’s most active debt broker and one of the nation’s leading commercial real estate finance advisory firms. In 2016, Meridian closed $35 billion in transaction volume. Since inception, the company has closed more than $270 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian arranges financing for many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California.
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