Manhattan, NY Meridian Capital Group arranged $18 million in acquisition financing for the purchase of a mixed-use property on behalf of Stone Street Properties.
The three-year loan, provided by a national balance sheet lender, features a LIBOR-based floating-rate and interest-only payments for the full term with two one-year extension options. This transaction was negotiated by Meridian senior managing director, Drew Anderman, and senior vice president, Alan Blank, who are both based in the company’s N.Y.C. headquarters.
The mixed-use property, located at 16 East 18th St. in the Union Sq. area of the borough, totals eight residential units. The sponsor plans on renovating the full-floor residential units.
The Union Sq. neighborhood has restaurants and retailers. Union Sq. Greenmarket, a well-known market in the borough, is held throughout the week in Union Sq.
Founded in 1991, Meridian Capital Group is one of America’s most active debt brokers and one of the nation’s leading commercial real estate finance advisory firms. In 2015, Meridian closed over 3,900 loans totaling more than $35 billion in transaction volume with 210 unique lenders, equating to $135 million per business day. Since inception, the company has closed more than $240 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, Florida and California.
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