Flax and Kallenberg of Meridian Capital Group arrange $8.5 million refinancing

Crossroads Shopping Center at Rocky Point, 47-91 Route 25A - Rocky Point, NY

Rocky Point, NY Meridian Capital Group has arranged $8.5 million in permanent financing for the refinance of a retail property.

The five-year loan, provided by a balance sheet lender, features a competitive fixed rate of 3.75%. This transaction was negotiated by Meridian managing director, Brian Flax and associate, Bryan Kallenberg, who are both based in the company’s New York City headquarters.

Meridian Capital Group" width="150" height="150" /> Bryan Kallenberg, Meridian Capital Group

Crossroads Shopping Center at Rocky Point is a single-story center totaling 63,000 s/f that is located at 47-91 Rte. 25A. The property is situated in the dense retail corridor of Rte. 25A with many national tenants on long term leases. Notable tenants at the property include Dollar Tree, 7-Eleven, Autozone, Sleepy’s, Modell’s Sporting Goods, Bridgehampton National Bank, Liberty Travel, Stat Health and Carvel Ice Cream.

A life-long resident of Long Island, Kallenberg has accumulated a vast knowledge and focused expertise in the Long Island commercial real estate market.

“The client was refinancing out of a CMBS loan and preferred the terms and flexibility of a balance sheet loan,” said Kallenberg. “Given the center’s numerous national tenants and our solid understanding of the local market, we were able to recognize and meet the client’s needs and provide the most competitive loan terms available.”