Heumann, Hirsch and Friend of Meridian Capital arrange $11.4 million for two mixed-use buildings

Meridian Capital Group, LLC has negotiated acquisition financing totaling $11.4 million for two mixed-use buildings located in the Upper East Side neighborhood and a multifamily property located in the Brooklyn Heights neighborhood of Brooklyn. Meridian COO, Daniel Heumann, managing director, Abe Hirsch and associate, Akiva Friend negotiated and closed these transactions. A new package of mortgages totaling $9.3 million was placed by Meridian on two mixed-use buildings composed of 10 apartments and totaling 12,000 s/f located at 164 East 61st St. and 133 East 65th St., steps from Central Park in Manhattan's Upper East Side neighborhood. The five-year loan features a rate of 3.75% and one year of interest-only payments. "This transaction was a challenge as 164 East 61st St. was delivered fully vacant and 133 East 65th St. had a vacant retail space and minimal cash flow from its residential component, producing negative net operating income," said Heumann. "By emphasizing the impeccable quality of the sponsorship and highlighting the strong leasing potential for the buildings based on market comparables, we structured the transaction to afford the lender with the necessary comfort to provide 70% loan-to-value financing for the purchase of the two properties." Heumann, Hirsch and Friend also closed $2.1 million in acquisition financing for a six-story, six-unit, multifamily building located at 102 Pierrepont St. in the Brooklyn Heights neighborhood of Brooklyn. The five-year loan a features an initial floating-rate of 2.9% and interest-only payments for one year. "Similarly, 102 Pierrepont St. was delivered fully vacant," said Heumann. "By clearly demonstrating the significant upside generated by the borrowers' business plan and leveraging Meridian's longstanding relationship with the lender, we were able to obtain competitive terms tailored specifically to our client's needs."