Debt broker Meridian Capital Group negotiated $40 million in bridge financing for the purchase of the 293,600-square-foot Metro Center, located in Hartford, Connecticut, 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 Street, is a 12-story, 16-unit, class-A office building, conveniently situated in downtown Hartford. Metro Center is a prominent property within Hartford’s revitalized downtown central business district and is 99% leased by a strong credit-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 Mr. Ackerman.
Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California.