Hirsch and Karpel of Meridian arrange $49 million in CMBS financing

Meridian Capital Group, LLC has arranged a $49 million CMBS loan for the refinance of an office property on behalf of Marcal Group. The 10-year CMBS loan features a competitive fixed-rate and interest-only payments for the first three years. This transaction was negotiated by Meridian senior managing director, Abe Hirsch, and managing director, Zev Karpel, who are both based in the company's New York City headquarters. The newly constructed Calko Medical Center property is located at 6002 Bay Pwy. in Brooklyn and totals 125,000 s/f of office and retail space. Calko Medical Center is an Article 28 ambulatory surgery center which provides patients with same-day surgical care, including diagnostic and preventive procedures. "Meridian was able to achieve the desired level of proceeds for the sponsor despite the property being recently stabilized and given the complexity of the Article 28 nature of the building," said Hirsch. "Meridian invests significant time and resources to stay in constant communication with a broad array of CMBS desks so that when a unique transaction such as this comes up, we can quickly place it with the appropriate lender."