Pi Capital Partners and Meridian Capital Group execute $34 million refinance for New York City retail portfolio

Meridian Capital Group, LLC has secured $34 million to refinance a portfolio of office and retail buildings in prime locations in Manhattan and Queens owned by Pi Capital Partners. The financing, provided by a local savings bank, has a fixed rate of 3.8%, a five-year term and amortizes on a 30-year schedule. "The portfolio's prime midtown and downtown locations, coupled with leading retail and restaurant tenants made the deal attractive to the bank," said Cary Pollack, the Meridian managing director who negotiated the transaction. "Pi Capital Partners made a great move by taking advantage of historically low interest rates and refinancing this portfolio now." Pi Capital Partners is a private family-owned real estate investment fund based in New York City. The Pi family's real estate holdings are one of the largest and most prestigious privately owned portfolios in the city. Founded in 1991, Meridian Capital Group is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida Arizona and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1,000,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, student housing, self-storage, industrial, and construction properties. www.meridiancapital.com