Oheb of Meridian Capital arranges $3.3 million in permanent financing for Union Market retail property

Union Market, 288 Court Street - Brooklyn, NY

David Oheb, Meridian Capital

Brooklyn, NY Meridian Capital Group has arranged $3.3 million in permanent financing for the refinance of the Union Market, a retail property, on behalf of Millhouse Peck Properties.

The $3.3 million loan, provided by a national balance sheet lender, features a rate below 3% and two years of interest-only. This transaction was negotiated by Meridian associate David Oheb, who is based in the company’s New York City headquarters.

Union Market is a local and organic grocery store located at 288 Court St. in the Cobble Hill neighborhood and totals 4,500 s/f. Over the last decade, Court Street has rapidly transformed into one of the premier retail corridors in Brooklyn. With high-rise residential developments redefining the downtown area, demand for retail space nearby has increased significantly.

“Meridian worked closely with the lender to arrange financing that was not only tailored to the sponsor’s business plan but also rewards the sponsor for their success in adding value to the property with a below-market interest rate,” said Oheb.