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Meridian Arranges Cash-Out Refi on Q-East

Meridian Capital Group recently arranged $61 million in financing for the cash-out refinance of Q-East, a mixed-use residential, retail and medical office property in the Jamaica Estates neighborhood of Queens.

A Meridian team of Adam Hakim, Andrew Iadeluca and James Murad arranged the loan on behalf of Piermont Properties.  Provided by a balance sheet lender, the 36-month loan features a LIBOR-based floating rate, full-term interest-only payments and extension options.

Located at 178-02 Hillside Ave., the eight-story property was completed in 2019. It features 131 rental apartments, 25,000 square feet of medical office space, and 10,450 square feet of retail space that was leased to CVS early in the development process.

“Q-East is a perfect example of the transformation Eastern Queens has seen in recent years,” said Hakim. “The location attracts a great mix of tenants who are both empty nesters and young professionals.”

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About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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