Hammer and Bollag of Meridian Capital arrange $10.5 million in permanent financing for 139 Essex Street

Meridian Capital Group, LLC negotiated $10.5 million to refinance a mixed-use property located on Essex St. in the borough's Lower East Side neighborhood. The seven-year loan, provided by a regional balance sheet lender, features a competitive fixed-rate of 4.07% and interest-only payments for the first two years. This transaction was negotiated by Meridian Capital Group vice president, Judah Hammer, and associate, David Bollag, who are both based in the Company's New York City headquarters. Located at 139 Essex St., the five-story mixed-use property totals 18 apartments and 1,200 s/f of retail space. The asset was purchased by the sponsor 14 months ago and has undergone significant renovations achieving 100% occupancy at the time of the financing. "Meridian was able to get the lender comfortable with the short seasoning and negotiated a loan that allowed the sponsor to cash out all of their equity plus an additional 20% in 14 months from the time of acquisition," said Hammer.