Seidman of Meridian arranges $6 million in acquistion financing

Meridian Capital Group, LLC has negotiated $6 million in financing on behalf of Sugar Hill Capital Partners for the purchase of two multifamily properties located in the Brooklyn Heights neighborhood. The properties that Meridian arranged acquisition financing for are the five-story, 20-unit building located at 50 Orange St. and the four-story, 10-unit building located at 161 Columbia Heights. The Orange St. property was financed with a $4.2 million mortgage and the Columbia Heights property was financed with a $1.8 million mortgage. These transactions were negotiated by Meridian Capital vice president, Shamir Seidman, who is based in the company's New York City headquarters. Sugar Hill Capital Partners acquired the two properties from the Jehovah's Witness-operated Watchtower Bible and Tract Society of New York, which infrequently sells real estate holdings. Although both properties were mostly vacant at the time of purchase, the borrower was able to fully lease the two buildings in under two months due to their location and pristine condition. "This transaction was unique because of the superb condition of the buildings in a neighborhood where fully renovated units rarely become available," said Seidman. "Meridian was able to quickly close both deals on favorable terms in-line with our client's business plan." Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate capital 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 $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com