Seidman of Meridian Capital Group arranges $14 million loan to refinance Gowanus flex office property

Meridian Capital Group, a leading national commercial real estate finance and advisory firm, negotiated a $14 million loan for the refinance of a flex office property located in the Gowanus neighborhood on behalf of PDS Development Corporation. The seven-year loan features a competitive fixed-rate of 3.88% and was provided by a local savings bank. This transaction was negotiated by Meridian Capital Group vice president, Shamir Seidman, who is based in the company's New York City headquarters. The two three-story buildings, totaling 33 commercial spaces across 87,900 s/f, are located at 505 Carroll St. in the Gowanus neighborhood of Brooklyn. Gowanus is considered one of the most desirable areas and is defined by the numerous small businesses, artists and tech startups that are located in the neighborhood. "Given the momentum in the Park Slope/Gowanus sub-market, the owners were able to take advantage of today's low interest rates and significant upside in value to cash out this property," said Seidman. "Meridian leveraged our extensive knowledge of the market and lender relationships to obtain competitive financing terms with a new lender on behalf of the client."