Pollack of Meridian negotiates $65 million loan

Meridian Capital Group, LLC has negotiated a $65 million mortgage for the refinancing of a commercial condominium located on Fulton St. on behalf of United American Land, LLC. The seven-year loan features a competitive fixed-rate of 4.12%, five years of interest-only payments and 25-year amortization thereafter. This transaction was negotiated by Meridian managing director, Cary Pollack, who is based in the company's N.Y.C. headquarters. The commercial condominium contains five retail units totaling 122,257 s/f encompassing a portion of the basement, ground floor and second floor of the eight-story landmarked Offerman Building located at 505 Fulton St. United American Land is currently undertaking the extensive renovation and restoration of the entire 300,000 s/f property. When complete, the development will include Brooklyn's first H&M store on the first two levels, as well as a TJ Maxx and Nordstrom Rack, while the upper floors will be luxury rental apartments. "United American Land is a principal force in the revitalization of the historic Fulton Mall and is at the forefront of transforming the Downtown Brooklyn neighborhood. It was a pleasure to be part of this significant project," said Pollack.