Kallenberg of Meridian Capital arranges $6.5 million in permanent financing for refinance of mixed-use property

211-215 Hallock Road - Stony Brook, NY

Stony Brook, NY Meridian Capital Group has arranged $6.5 million in permanent financing for the refinance of a mixed-use property.

The five-year loan, provided by a balance sheet lender, features a competitive fixed-rate of 3.75%. This deal was negotiated by a Meridian associate, Bryan Kallenberg, who is based in the company’s NYC headquarters.

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

Hallock Road Office Park at Stony Brook, located at 211-215 Hallock Rd., consists of three single-story mixed-use office and retail buildings, which were developed by the client in the early 2000’s. The property is situated off the retail corridor, Rte. 347 and is located across from the Smith Haven Mall, which is a Simon Property Group asset. Notable tenants include the Learning Experience and numerous office tenants on long-term leases.

Kallenberg is a Long Island native with in-depth knowledge of the Stony Brook market.

“We have worked with this client in the past and knew what their expectations were in structuring the right deal,” said Kallenberg. “We had a number of interested lenders and ultimately secured a five-year non-recourse loan at 3.75%,” he said.

Founded in 1991, Meridian is one of America’s most active debt broker and one of the nation’s leading commercial real estate finance advisory firms. In 2015, Meridian closed 3,900 loans totaling more than $35 billion in transaction volume with 210 unique lenders, equating to $135 million per business day. Since inception, the company has closed more than $260 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian arranges financing for many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California.