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.”
Get CRE News in 150 words For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
