Weinstock and Grossman of Meridian secure $60 million financing for 500,000 s/f complex

Meridian Capital Group has arranged $60 million in financing for 33-00 Northern Blvd. in the Long Island City section. This mixed-use warehouse/office complex contains 500,000 s/f of rentable space. The property is currently leased to several city agencies in addition to several other tenants. Avi Weinstock and Seth Grossman of Meridian's New York office negotiated on behalf of the borrowers to secure a fixed term loan with two years of interest-only payments. Built by the Ford family in the early 20th century, the building was used to produce the model T Ford. 100 years later, the borrower has converted the property from a warehouse to office building. Founded in 1991, Meridian is one of the nation's largest mortgage brokerages serving the multifamily and commercial real estate sectors. The company is based in New York City with additional offices in New Jersey, Pennsylvania, Maryland, Illinois, Florida, California, and Texas. Working with a variety of lenders, Meridian finances transactions ranging from $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, self-storage, industrial, and construction properties. Nationally, Meridian reported more than 2,350 transactions in 2007, totaling over $16.5 billion.