NEW YORK—Meridian Capital Group LLC negotiated $40 million in acquisition financing on behalf of Madison Capital in joint venture with an institutional owner for five retail properties occupied by Citibank branches located in Manhattan, Queens, Brooklyn and the Bronx. Meridian’s Aaron Birnbaum, EVP, and Tal Savariego, VP negotiated the transaction.
The portfolio, which spans 44,245 sq. ft. of retail space, includes five assets marketed for sale by AEGON. The portfolio also includes air rights and the below market leases provide for future upside potential.
“Meridian arranged a competitively priced 10-year balance sheet loan that provides the borrower with a favorable leveraged return and flexibility to realize the portfolio's value-added potential through dispositions and other activities,” said Savariego.