Sabzevari and Filler of Meridian Capital Group arrange $5.7 million in financing for mixed-use, office and multifamily properties

Meridian Capital Group, LLC, one of the leading national commercial real estate finance and advisory firms, arranged $5.7 million in first mortgage financing for mixed-use, office and multifamily properties in Long Island City and Astoria on behalf of three separate local real estate investors. These transactions include a $2.5 million seven-year, fixed-rate loan, provided by a local savings bank at 3.95%, for the refinancing of the 16-unit mixed-use property, with two retail units, located at 31-32 31st St. in Long Island City. This financing was negotiated by Meridian associate, Josh Sabzevari, along with vice president, Isaac Filler, who are both based in the company's New York City headquarters. Sabzevari and Filler also recently closed a $2.5 million seven-year, fixed-rate loan at 3.88% for the refinancing of a 7,500 s/f mixed-use commercial property located at 47-46 Vernon Boulevard in Long Island City. The property is located at the corner of 48th Ave. and is home to Bella Via restaurant as well as five other office tenants located above. "This transaction provided interesting insight into the real estate investment landscape in Long Island City," said Sabzevari. "This is one of the hottest corner properties in Long Island City as it was gut renovated in 2012 and boasts direct views of the Empire State Building and New York City skyline. As a result, our client has received numerous unsolicited offers to purchase the property but chose to refinance given the rapid growth in values in the area," he added. The last financing transaction arranged by Sabzevari was a $650,000 five-year mortgage, provided by a local savings bank at 3% for the refinancing of a three-story, nine-unit multifamily property located at 30-98 Crescent St. in Astoria.