Weinstock, Levine, Rhine and Hingson of Meridian secure $45 million; Flax, Orman and Levine of Meridian arrange $6 million refi

Manhattan, NY According to Meridian Capital Group, the company has arranged the following two transactions:

Meridian arranged $45 million in acquisition and redevelopment financing for the conversion of a dormitory to a multifamily property in the financial district on behalf of the DSA Property Group.

The two-year loan, provided by Ladder Capital, features a LIBOR-based floating rate, interest-only payments and a six-month extension option. This transaction was negotiated by Meridian executive vice president, Avi Weinstock, senior managing director, Ronnie Levine, managing director, Josh Rhine and vice president, Luke Hingson.

“On behalf of DSA Property Group we wish to extend our thanks to the team at Meridian,” said Lifshitz. “They structured a deal uniquely tailored to our risk tolerance. Despite our initial misgivings, Josh made us comfortable with the deal, and together with Ronnie walked us through a more complex process. We trusted Meridian to not only get us the best deal, but also the right deal, and they delivered.”

“Meridian’s unique position in the marketplace allowed us to secure strong terms quickly for this conversion project,” said Levine. “The redevelopment of 106 Fulton St. will service a unique niche in New York City’s Financial District by providing a high-quality product to its tenants, who are expected to be comprised of predominantly young professionals, at a price point far below nearby and competing luxury buildings,” said Rhine.

Operated as a student dormitory since 1999, the 15-story, 75,000 s/f property will be converted to a mid-luxury apartment complex. The ground floor offers 3,643 s/f of retail space with 50 ft. of frontage on Fulton St. and 22 ft. of frontage on Dutch St. The neighborhood is undergoing a complete shift from its retail and office roots to a luxury residential area with retail and upgraded public transportation access. The property is situated within walking distance from the A, C, 2, 3, J, Z and 4 subway lines and is a short distance from the Franklin D. Roosevelt East River Dr. and the Brooklyn Bridge. Future tenants will enjoy the numerous amenities coming to the area as a result of the opening of the Oculus by Westfield Corp., the Seaport District NYC by the Howard Hughes Corp. and Brookfield Place.

Meridian arranged $6 million in permanent financing for the refinance of a commercial property located in Long Island City. The 10-year loan, provided by a national balance sheet lender, features a competitive fixed-rate of 3.86%. This transaction was negotiated by Meridian managing director Brian Flax, associate Blake Orman and associate Ami Levin.

The property, located at 11-22 44th Rd. in Long Island City, is a three-story, 32,190 s/f commercial property and houses six commercial tenants. Long Island City, a former industrial area, is the westernmost commercial and residential neighborhood in Queens and its waterfront is now lined with high-end residential developments. The property offers access to a variety of restaurants and shopping and is a five minute drive to the Ed Koch Queensboro Bridge, the Long Island Expressway and is within walking distance to the E, M, G, 7, N, R and F subway lines, providing a short commute to midtown.

“Meridian was able to structure a 10-year loan at a below-market rate of 3.86%,” said Flax. “We also strategized with the client and the lender to allow them to rate lock as soon as the 10-year U.S. Treasury rate fell to its lowest point in history in July 2016 and the client was very happy with the outcome.”