Birnbaum and Savariego of Meridian secure $40 million in financing On behalf of Madison capital

Meridian Capital Group, LLC negotiated $40 million in acquisition financing on behalf of Madison Capital in joint venture with an institutional owner for five retail properties fully occupied by Citibank branches located in Manhattan, Queens, Brooklyn and Bronx. The 10-year balance sheet loan features full-term interest only payments and was provided by a regional bank. Meridian executive vice president, Aaron Birnbaum and vice president, Tal Savariego, who are based in the company's N.Y.C. headquarters, negotiated this transaction. The 44,245 s/f retail portfolio features five assets marketed for sale by AEGON that are occupied by Citibank under long-term leases. Additionally, the portfolio includes air rights and the below market leases provide for future upside potential. The properties are located along retail corridors including Madison Ave. and East 86th St. in New York and Montague St. in Brooklyn. "Meridian arranged a competitively priced 10-year balance sheet loan that provides the borrower with a favorable leveraged return and flexibility to realize the portfolio's value-added potential through dispositions and other activities," said Savariego.