May 19, 2017 Comments Off on From CMBS to Balance Sheet Loan in Bayside Views: 364 New York News, Outer Boroughs New York

From CMBS to Balance Sheet Loan in Bayside

A two-story building in the Bayside neighborhood of Queens has replaced an expiring CMBS loan with a new $13 million, seven-year loan from a balance sheet lender.

“Meridian arranged the first mortgage to replace a CMBS loan maturity from 2007,” said David Oheb, an associate for Meridian Capital Group, which arranged the financing. “Thanks to the property’s strong sponsorship, location, and quality tenancy, we were able to negotiate favorable terms with a competitive balance sheet lender and the borrowers were very happy with the execution,” he added.

The 20,250 square foot property is located at 6154-6156 Springfield Boulevard. Tenants include Dunkin Donuts, Ivy League Early Learning Academy, HeartShare Human Services of New York and the Bi Won Korean Barbeque restaurant

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