Metro Center, 350 Church Street - Hartford, CTHartford, CT Meridian Capital Group negotiated $40 million in bridge financing for the purchase of the 293,600 s/f Metro Center, on behalf of Shelbourne Global Solutions.
The two-year loan, provided by Thorofare Capital, features a floating rate of 5.85% over the 30-day LIBOR rate and interest-only payments. This transaction was negotiated by Meridian senior managing director, Shaya Ackerman, and senior vice president, Shaya Sonnenschein, who are both based in the company’s New York City headquarters.
Metro Center, located at 350 Church St., is a 12-story, 16-unit, class-A office building in downtown. Metro Center is a prominent property within the city’s revitalized downtown central business district and is 99% leased by a tenant roster including Lincoln Financial and CohnReznick. While the sponsor entered the contract over a year ago, they negotiated a long-term lease with Lincoln Financial that continues through 2028.
“Meridian was able to negotiate favorable terms for the client by leveraging the benefits of the lease renewal and tailor a short-term solution in line with the sponsor’s business plan for the asset,” said Ackerman.
Founded in 1991, Meridian Capital Group is America’s most active debt broker and one of the nation’s leading commercial real estate finance advisory firms. In 2016, Meridian closed $35 billion in transaction volume. Since inception, the company has closed more than $270 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian arranges financing for many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California.