Brooklyn, NY Meridian Capital Group arranged $20 million in financing for an office property located in the borough’s South Williamsburg neighborhood on behalf of 731 Flushing Avenue Associates, LLC.
The five-year loan, provided by a New York-based bank, features a competitive fixed rate of 3.63%. This transaction was negotiated by Meridian managing director, Allan Lieberman and vice president, Asher Haft.
The property, located at 731 Flushing Ave., is a four-story, 70,000 s/f office property with a sole double-net leased tenant, the New York City Department of Citywide Administrative Services. The tenant recently completed a renovation of the premises, totaling $5 million. The property is near the J and M subway lines at the Flushing Avenue and Broadway subway stop.
“Despite the single-tenant occupant and the New York City lease termination clause, Meridian was able to structure alternative risk safeguards for the lender to approve a non-recourse loan,” said Lieberman. “The building is in a prime location in the Williamsburg section of Brooklyn, just down the block from the J and M subways stations and across the street from Woodhull Medical Center. Furthermore, the borrower will benefit from a significant cash-out and an attractive rate.”