NEW YORK CITY-Meridian Capital Group, LLC reports it has negotiated $45 million in construction financing for a 133,000-square-foot retail development on Bedford Avenue in Brooklyn that will be home to a Whole Foods Market.
Meridian Capital Group Executive Vice President Aaron Birnbaum and Vice President Tal Savariego negotiated the three-year construction loan, which features interest-only payments and a LIBOR-based floating rate, company officials state.
The property at 240-242 Bedford Ave. spans the entire block of North 4th Street from Bedford Avenue to Berry Street. The identity of the borrower was not released.
“Williamsburg has firmly established itself as one of Brooklyn's top residential neighborhoods and the introduction of 240 Bedford brings with it a Whole Foods Market and a strong set of national tenants to this growing area,” states Savariego. “Meridian actively negotiated with the borrower and lender to arrange a competitive construction loan that will bring Williamsburg its first premier supermarket chain, an amenity that will further enhance the neighborhood's desirability as a residential hot spot.”
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