Meridian Capital Group, one of America's most active debt brokers, negotiated $22.8 million in permanent and mezzanine financing for the purchase of Solomon Plaza, a retail and office property.
The financing is composed of a $15 million senior mortgage, provided by Signature Bank, and a $7.8 million mezzanine loan, provided by RCG Longview; the two-year loans have a blended rate in the mid-5% range and are full-term interest-only with one-year extension options. These transactions were negotiated by Meridian Capital Group managing director, Tal Bar-Or, and vice president, Judah Neuman, who are both based in the company's New York City headquarters.
Solomon Plaza, located at 5002 13th Ave. in the Borough Park neighborhood, contains 16,000 s/f of ground floor retail space and 16,000 s/f of office space as well as a 50-space below-grade parking garage. The property occupies an entire city block front on 13th Ave. between 50th and 51st Sts. just two blocks from the D subway line.
"We are pleased to have worked with the team at RCG and Signature to finance the sponsor's business plan. This was a unique opportunity to take a property that has rarely traded hands and create something that can enhance the entire neighborhood," said Mr. Bar-Or. "We believe that the new ownership will be successful in executing the business plan to realize the full potential of this property," he added. Tags: