Meridian Capital Group arranges $92 million in financing for a mixed-use office and retail property

Brooklyn, NY Meridian Capital Group has arranged $92 million in financing to refinance 1508 Coney Island Ave., a mixed-use office and retail property on behalf of Triangle 613 LLC. 

The 36-month construction loan was provided by a balance sheet lender, and this transaction was negotiated by Meridian director, Elliott Kunstlinger who is based in the company’s NYC headquarters.

Located at 1508 Coney Island Ave., this property will total 215,000 s/f, making it the largest office and retail destination center in the Midwood submarket to date. This property is situated at the intersection of Ave. L and Coney Island Ave. The property will also include a state-of-the-art 260-car robotic parking system and is located a convenient 10-minute walk from the Q-train subway line, which is accessible at either Ave. J or Ave. M subway stations.  

“It was a pleasure to work with a landlord like Baruch Singer who does everything with the benefit of the people of Brooklyn in mind,” said Kunstlinger. 

The owner of the project is working with local professionals and contractors to construct the building; therefore the work going in is all for the betterment of the community. The owners have plans to construct a significant community facility that will include local vendors and retailers such as Molly’s Jewelry and Joe’s Fabric, with plans to incorporate doctors’ offices, dentists, and more. 

“This building is a labor of love for me,” said Singer. “I care about the neighborhood, and I care about the people of Brooklyn. This building is in a prime location, and the people of the city were at the forefront of every decision that was made with this transaction. We have plans to make this a true destination center.”