Meridian closes out $100m week with two lease deals.Meridian Meridian (mərĭd`ēən), city (1990 pop. 41,036), seat of Lauderdale co., E Miss., near the Ala. line; settled 1831, inc. 1860. Capital Group recently arranged $85,000,000 in acquisition financing for 443-453 Greenwich Street, a 217,549 s/f property comprised of two seven-story buildings. Ronnie Levine of Meridian's New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of office negotiated the non-recourse financing on behalf of KAR Properties. Said Levine, "This asset has tremendous upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar . I am sure KAR will do an excellent job maximizing the value as they move forward with their development plans" The buildings occupy three-quarters of a city block between Vestry Street and Debrosses Street and house an impressive medieval courtyard For alternative meanings of the word "court", see: Court (disambiguation). A court or courtyard is an enclosed area, often a space enclosed by a building that is open to the sky. with private driveway access from two sides. The floor plan of the buildings make the property a prime candidate for a residential conversion or hotel development. 443 Greenwich is situated in the Heart of Tribeca, just south of Canal Street Canal Street may refer to:
Meridian Capital Group also arranged $13,500,000 in financing for a 109,000 s/f retail center located at 460 Country Road. Rael Gervis, Dovid Ostrov and Moshe Majeski of Meridian's New York office negotiated a loan that is self-amortizing for 18 years at 6.25%. The non-recourse deal was underwritten on a 1.0 DSCR DSCR See: Debt-service coverage ratio . Current tenants include McDonald's, H&R Block, and King Kullen King Kullen Grocery Co. is a supermarket chain with 46 locations on Long Island and the New York City borough of Staten Island. King Kullen is recognized by the Smithsonian Institution as America's first supermarket, as the first location was opened by Michael J. . Also recently closed out of Meridian's New York office was Avnit Plaza, a 24,000 s/f retail property located at 750-764 South Broadway. This deal went into contract immediately after construction while the property was completely vacant. Though it is rare to secure ten-year fixed financing for a vacant property, it was important to the client to do so, and Seth K. Grossman and Aaron Birnbaum secured a rate of 6.6% over a one-year term with a ten-year extension that takes affect upon the property being leased up with an in-place income that supports a 1.20 debt service coverage. The loan is full-recourse the first year and once the extension is taken it becomes non-recourse. On the day of the closing, there were two signed leases--for a spa and a restaurant--and several letters of intent for other spaces in the building. Founded in 1991, Meridian Capital Group LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control is one of the nation's largest mortgage brokers serving the multifamily and commercial real estate sectors. |
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