October 2, 2018
Meridian Capital Group has arranged Silvershore Properties’ $101.7-million sale of 28 properties to Delshah Capital, and negotiated $88 million in senior and mezzanine debt to fund the acquisition. Meridian’s Rich Velotta (pictured) and Abie Kassin represented both seller and buyer, while Simon Rosenfeld, Rael Gervis and Craig Berger arranged the financing.
The five-year financing package features an interest-only senior loan provided by a balance sheet lender, and a fixed-rate, full-term interest-only mezz loan from a national finance company.
The 200,000-square-foot portfolio includes 210 residential units and 17 retail spaces, primarily in Brooklyn’s Bushwick and Bedford-Stuyvesant neighborhoods, along with two Lower Manhattan assets. Notable properties include 808 Prospect Pl. in Crown Heights, 219 13th St. in Park Slope and 41 Henry St. on Manhattan’s Lower East Side.
“This is a highly unique transaction that took an incredible amount of balance and teamwork from all sides to get done,” said Velotta.
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