New York & Tri-State + Outer + Finance | March 4, 2020

Spec Office in Bay Ridge Lands Construction Debt

Meridian Capital Group has secured $11.8 million in construction financing for a commercial development in the Bay Ridge section of Brooklyn on behalf of Veracity Partners. The six-story development at 8904 5th Ave. will contain 40,000 square feet of office and retail space.

The 24-month, non-recourse, interest-only loan was provided by Knighthead Funding and negotiated by Meridian senior managing director Adam Hakim and SVP James Murad, both based in Meridian’s New York City headquarters.

“Knighthead Funding has provided Veracity Partners with attractive financing that will allow for the completion of this best-in-class commercial development in the center of Bay Ridge,” said Hakim.

He added that while the project is speculative in nature, “the design has already begun to prove its appeal to a variety of retail, educational, office and nonprofit tenants in the South Brooklyn market in need of high-quality, class-A space.”

Pictured: James Murad and Adam Hakim.

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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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