Pollack of Meridian Capital secures $31 million refinance for Pi Capital Partners

Meridian Capital Group, LLC has secured $31 million to refinance a portfolio of office and retail buildings in prime locations in Manhattan and Queens owned by Pi Capital Partners LLC. The financing, provided by a local savings bank, has a fixed rate of 6% and a 5-year term that amortizes on a 30-year schedule. All of the properties are in desirable locations near major New York City attractions and travel hubs such as the Empire State Building, Macy's Herald Sq., Wall St., Penn Station and Grand Central Station. "The portfolio's excellent midtown and downtown locations, in combination with name brand tenants, made the deal attractive to the bank, especially considering the recovering office and retail markets in New York City," said Cary Pollack, the originator at Meridian who negotiated the transaction. "Pi Capital Partners made a great move by taking advantage of historically low interest rates and refinancing this portfolio now," he said. Among the properties included in this transaction, are located on 5th Ave., Lexington Ave. and Seventh Ave. in Manhattan. Founded in 1991, Meridian Capital Group, LLC 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 and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, student housing, self-storage, industrial, and construction properties.