Oheb and Hayum of Meridian arrange $5.1 million in permanent financing for Brooke Plaza in Oceanside

Brooke Plaza - Oceanside, NY

David Oheb, Meridian Capital

Oceanside, NY Meridian Capital Group negotiated $5.1 million in permanent financing to refinance the Brooke Plaza shopping center.

The five-year loan was provided by a regional balance sheet lender and features a rate of 3.59%. This transaction was negotiated by Meridian Capital Group associate, David Oheb, and vice president, David Hayum, who are both based in the company’s New York City headquarters.

Benjamin Oheb, Esq. of Manhattan-based Dressler Law Firm represented the borrower.

The Brooke Plaza shopping center, located at 3444-3458 Long Beach Rd., totals 18,500 s/f and is anchored by a Trader Joe’s grocery store. In 2015, Trader Joe’s enjoyed a third consecutive year as “America’s Favorite Grocery Store,” according to a survey conducted by Market Force Information. With a strong long-term grocery anchor in place, Brooke Plaza is the premier and most-visited shopping center. Traffic to the center has induced the owners to recently acquire adjacent land to accommodate additional parking and hire an on-site parking attendant to support the tremendous demand.

“This transaction exemplifies how Meridian’s close lender relationships have a positive financial impact for our clients every day,” said Oheb. “Meridian was able to negotiate a reduction of the prepayment penalty on the existing loan, provide a substantial cash-out and deliver an attractive rate for a suburban commercial property.”