Meridian Capital Group Arranges $25M Refinancing Of Brooklyn Retail Property

The retail and parking facility located at 236 Atlantic Ave in Brooklyn, NY, 11201 is the subject of a $25 million refinancing deal arranged by Meridian Capital Group. The 10-year CMBS loan comes with a rate of 4.86 percent and full-term, interest-only payments. The property spans 69,000 square feet, featuring 24,000 square feet of ground-floor retail space and a parking garage. Current tenants include PetSmart and PM Pediatrics.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $25,000,000.00
• Market: Brooklyn
• Borrower's Reps: Morris Diamant (Meridian Capital Group), Steven Ribiat (Meridian Capital Group), Tzvi Krieger (Meridian Capital Group)
• Lender: Unknown life insurance company

Steven Ribiat, Morris Diamant, and Tzvi Krieger of Meridian’s New York office were responsible for arranging the financing for this deal with the undisclosed borrower. The property was constructed less than a decade ago and also houses 42 residential condominiums on its upper floors, although these were not part of the collateral for the loan.