Meridian arranges $11.8 million construction financing

Brooklyn, NY Meridian Capital Group has secured $11.8 million in construction financing for a commercial development in the Bay Ridge neighborhood on behalf of Veracity Partners. The six-story development is located at 8904 5^th Ave. and will contain 40,000 s/f of office and retail space.  

The 24-month, non-recourse, interest-only loan was provided by Knighthead Funding and negotiated by Meridian senior managing director, Adam Hakim, and senior vice president, James Murad.

“Knighthead Funding has provided Veracity Partners with attractive financing that will allow for the completion of this best-in-class commercial development in the center of Bay Ridge,” said Hakim. “Although the project is speculative in nature, the design has already begun to prove its appeal to a variety of retail, educational, office and non-profit tenants in the South Brooklyn market in need of high-quality, class-A space.”

The general contractor for this project is led by Michael Marino of MJM Contracting.   

Bay Ridge is known for its waterfront views and for its relaxed atmosphere, far removed from the hustle and bustle of Manhattan and Downtown Brooklyn. Tenants at 8904 5th Avenue will still enjoy easy access to the subway and can shop at such local stores as Walgreens, Duane Reade, Century 21, TJ Maxx, and Staples.  

Veracity Partners is a New York City-based developer with extensive experience in ground-up developments and the repositioning of assets throughout Manhattan, Brooklyn, and the Bronx. Led by principal Michael Marino, the firm has developed projects across all major asset classes, with an emphasis on retail, office, and multifamily. Marino also leads MJM Contracting,