Meridian Sells a 44-Unit Mixed-Use Property in the Bronx for $8.825 Million
Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, has negotiated the sale of a mixed-use property located at 600 East 178th Street in the Bronx for $8.825 million, equivalent to a 5.5% cap rate. Meridian Investment Sales Director, Mark Steinmetz, represented the buyer and seller in this transaction.
The six-story elevator building, consists of 51 units, including six stores, totaling 47,200 square feet. Located in the Bronx’s Tremont neighborhood, the property has a live-in super and is conveniently situated just blocks from the Bronx Zoo, Tremont Park and Crotona Park. Residents are also in close proximity to the 2 and 5 subway lines, Interstate 95 and Fordham University.
“Given the seller’s desire for a transaction to occur within a tight timeframe, Meridian was able to quickly procure a buyer and close the sale within less than 30 days,” said Mr. Steinmetz.
About Meridian Capital Group:
Founded in 1991, Meridian Capital Group is one of the nation’s leading commercial real estate finance advisory firms and America’s most active debt broker. In 2015, Meridian closed 3,900 loans totaling more than $35 billion in transaction volume with 210 unique lenders, equating to $135 million per business day. Since its inception, the Company has closed more than $240 billion in transactions with the full complement of capital providers, including 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 it’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, Florida and California. http://www.mis.meridiancapital.com