Shelby of Meridian negotiates $29 million retail property refinance

Carol Shelby, Meridian Capital

Bronx, NY Meridian Capital Group arranged $29 million in financing for the refinance of a retail property.

The 10-year loan, provided by a balance sheet lender, features a fixed rate of 3.50%. This transaction was negotiated by Meridian managing director, Carol Shelby.

The property, located on East Fordham Rd., is a two-story, 42,000 s/f retail property and houses tenants Old Navy, McDonald’s and Gamestop. The building is situated in one of the borough’s largest shopping districts with over 300 shops and restaurants. Fordham Rd. also serves as a major transportation hub that is easily accessible by car and public transportation. The property is within walking distance from the newly renovated Fordham Plaza, as well as Fordham University’s Rose Hill campus with nearly 7,000 students, adding foot traffic. The property is a five block walk from the Fordham Metro North Railroad station and the B and D subway lines at Fordham Rd.

“The sponsor has owned the property for over 40 years and has maintained a strong occupancy with a number of national tenants,” said Shelby. “A new lease was recently signed with Old Navy and Meridian negotiated favorable terms in a short period of time, which made it possible to close the loan before Old Navy opened,” she added.

Founded in 1991, Meridian Capital Group is America’s most active debt broker and one of the nation’s leading commercial real estate finance advisory firms. In 2015, Meridian closed over 3,900 loans totaling more than $35 billion in transaction volume with 210 unique lenders, equating to $135 million per business day. Since inception, the company has closed more than $260 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian arranges financing for many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties.