Three deals closed for retail, multi-family loans.Meridian Capital Group recently arranged $8,141,000 in acquisition financing for the Bloomfield Retail Center located at 31 Belleville Avenue. The 56,335 s/f property houses very strong-performing A&P and Walgreen's stores, along with several smaller tenants. Seth K. Grossman 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 to secure a blended rate with a first loan and mezzanine financing Mezzanine Financing A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the 6.43% over a ten-year term with three years interest-only. The borrower had been aware of historical environmental problems and Meridian made sure to keep the bank apprised of all information. After ordering tests and reports, the bank felt comfortable with the deal and escrowed appropriately before closing. Said Grossman, "we really spent a lot of time with all parties before signing the deal up to make sure everything would work out." This week, Meridian also announced it arranged $15,740,000 for the York House York House was traditionally the name given, often temporarily, to houses in London, England occupied by holders of the title of Duke of York, which is traditionally bestowed on the second sons of English and British monarchs. South, a 12-story, 2,460 s/f multifamily property at 5325 Old York Road York Road can refer to: Roads Asia
David Fisher of Meridian Capital's New Jersey office negotiated on behalf of borrower Alan Lindy lin·dy or Lin·dy n. pl. lin·dies A lively swing dance for couples. Also called lindy hop. [From Lindynickname of Charles Augustus Lindbergh. to secure a rate of 6.250% over a seven-year term. The property is comprised of 130 units, a medical office, retail space, and three floors of assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. facilities. Meridian also announced it recently arranged financing for three shadow anchored Wal-mart centers totaling 98,902 s/f. Seth K. Grossman osecured $11,880,000 including a mezz loan on the acquisition. The interest rate is 6.41% over a ten-year term, with the first three years as interest-only. All centers were built between 2002 and 2004 and are in excellent condition. Tenants include Radio Shack, Fashion Bug, Shoe Show, EB Games, Holiday Hair, and Hallmark. |
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