Meridian Capital Group arranges $14.3 million in financing for construction commercial property

Brooklyn, NY Meridian Capital Group arranged $14.3 million in financing to refinance 8904 5th Ave., a new construction commercial property, on behalf Michael Marino of MJM Associates.

The loan, provided by a local bank, was negotiated by Meridian senior managing director, Adam Hakim, managing director, James Murad, and senior associate, David Baker, who are all based in the company’s NYC headquarters.

Located at the northwest corner of 5th Ave. and 89th St. in the heart of Bay Ridge, Brooklyn, the five-story newly built and fully leased commercial building spans 36,100 rentable s/f and is tenanted by childcare service, The Learning Experience, and grocery delivery service, Buyk Corp. The property benefits from being just a short walk from the “R” metro stop and is primely located just blocks away from what’s been dubbed Bay Ridge’s “restaurant row” on 3rd Avenue. 

"8904 5th Ave. is the premier class-A new construction commercial building in Bay Ridge. Given the property’s high-quality finishes and its prime corner location, offering incredible natural light, it is no surprise that the building leased up quickly upon completion,” said Hakim. “The lender provided fantastic terms for our client, which allowed them to fully repay their construction loan, return some equity to sponsorship, and lock in a favorable, fixed interest rate.”