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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