Meridian Capital and Pi Capital Partners execute $36 million in financing; Meridian managing director Pollack negotiates the transaction

Meridian Capital Group, LLC, secured $36 million in financing on behalf of Pi Capital Partners for The Elm East, a multifamily rental building. The five-year loan was provided by a regional bank and features a fixed-rate of 2.99%. Meridian managing director, Cary Pollack, based in Meridian's N.Y.C headquarters, negotiated this transaction. The newly constructed mixed-use property is composed of 83 apartments and 27,730 s/f of retail space which is home to top-name retailers including Starbucks and Subway. The Elm East is located at 86-55 Broadway in Queens and is situated near Queens Blvd. and the Long Island Expressway. The building's amenities consist of a doorman, central laundry, Verizon FIOS connection, daycare, a 98-space parking garage and subway access. "The sponsorship coupled with the quality of the asset and its brand name retail tenants made the deal attractive to lenders," said Pollack. "Meridian was able to obtain the target proceeds and favorable terms that support Pi Capital Partners' business plan by leveraging the Meridian's longstanding relationship with the lender," he said.