Meridian Cinches 2-Part Financing for Union Square Deal
- Feb 20, 2015
Meridian Capital Group arranged $35 million in acquisition financing for 166 Geary St. Representing the Jackson Group, Sun Equity Partners and Concord Real Estate, Meridian arranged a 36-month, floating-rate mortgage provided by a national balance-sheet lender.
The loan features full-term interest-only payments and is priced at 350 basis points over one-month LIBOR.
Located in the upscale Union Square district, 166 Geary offers 46,000 square feet of commercial space. To accommodate the sponsors’ plan to divide the asset into two commercial condos, the financing pre-allocated $25 million to one portion of the asset and $10 million to the remainder.
“In addition to the unique post-closing bifurcation feature of this loan, Meridian negotiated a competitive floating interest rate which includes flexible prepayment terms,” noted Shaya Ackerman, a Meridian managing director. Ackerman was joined in arranging the financing by Moshe Majeski, a fellow Meridian managing director.