Meridian Capital Group arranged $18.85 million in acquisition financing for the CSX site within the Fordham Landing assemblage in the University Heights neighborhood of the Bronx on behalf of Dynamic Star’s Gary Segal.
The 12-month bridge loan was negotiated by a Meridian team of Ronnie Levine, Thomas Wayda, Shamir Seidman and Shlomo Weissberg.
Located at 2475 Exterior St. along the Harlem River, the 495,000-square-foot site is part of the five-parcel assemblage that will be redeveloped into Fordham Landing, a planned $3.5-billion mixed-use community.
“This was a highly complex deal with many facets,” said Levine. “The loan proceeds will be used to facilitate the acquisition of the CSX site and fund interest, carry, and closing costs. Our next step is to pair Dynamic Star with a strong equity partner who will able to take advantage of significant tax benefits as some of the assemblage falls within an Opportunity Zone.”
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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