Hirsch and Karpel of Meridian structure $11.45m acquisition loan

On behalf of an investor group led by Bruce Kaye and David Brown, Meridian Capital Group has arranged $11.45 million in financing for Heritage Sq. located on Rte. 52 in Dutchess County. Constructed in 2005, the mixed-use retail/office complex setting on a parcel of 10 acres consists of three two-story elevator buildings with a bank pad site for a total rentable area of 75,000 s/f. The property is 98% leased. Abe Hirsch and Zev Karpel of Meridian negotiated on behalf of the borrowers to secure a fixed seven-year term with two years of interest-only payments.