Meridian Arranges $13 Million Loan for Flatbush Retail
Carl Gaines Sept. 11, 2012, 1:34 p.m.
Meridian Capital Group has arranged a $13 million loan for a 35,000-square-foot strip of retail buildings at 1875-1925 Nostrand Avenue in the Flatbush section of Brooklyn. The loan, financed by a local community bank, permitted an entity controlled by real estate investors Isaac and Billy Shalom to close the purchase of the property, The Mortgage Observer has learned.
The previous owner, real estate investment company Emmes Asset Management, sold the building to the Shalom brothers for $18.5 million, or about $544 per square foot, according to public records.
The property, located between Foster and Newkirk avenues, consists of a 400-foot strip of 14 one-story buildings. The retail spaces are 100 percent occupied, with tenants including a Key Foods supermarket, Papa John’s Pizza and Subway franchises and “mom and pop” stores.
Meridian Capital Group confirmed to The Mortgage Observer that “the very high density” of the Flatbush area and the fact that the property is surrounded by “multifamily buildings” made the deal very appealing for the buyers.
The loan has been arranged by Meridian Capital Group executive vice president Avi Weinstock and managing director Moshe Majeski.