NEW YORK—Meridian Capital Group LLC negotiated $36 million in financing on behalf of Pi Capital Partners for The Elm East, a multifamily rental building located in Elmhurst, N.Y. The five-year loan was provided by a regional bank.
Meridian Managing Director Cary Pollack, based in Meridian’s New York City headquarters, negotiated the transaction.
The Elm East is a newly constructed mixed-use property comprised of 83 apartments and 27,730 sq. ft. of retail space, which includes such tenants as Starbucks and Subway. Located at 86-55 Broadway in Queens, the property is in close proximity to Queens Boulevard and the Long Island Expressway. Amenities include a doorman, central laundry, on-site daycare, a parking garage and subway access.