{"id":1004165057,"date":"2017-01-25T05:43:40","date_gmt":"2017-01-25T13:43:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004165057"},"modified":"2020-05-14T03:18:21","modified_gmt":"2020-05-14T11:18:21","slug":"meridian-secures-40m-financing-for-hartford-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/meridian-secures-40m-financing-for-hartford-office-asset\/","title":{"rendered":"Meridian Secures $40M Financing for Hartford Office Asset"},"content":{"rendered":"<p>By Mihaela Coste<\/p>\n<div id=\"attachment_1004165058\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Metro-Center-Hartford-Conn..jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004165058\" data-attachment-id=\"1004165058\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/meridian-secures-40m-financing-for-hartford-office-asset\/metro-center-hartford-conn\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Metro-Center-Hartford-Conn.-e1485351490912.jpg\" data-orig-size=\"1000,818\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Metro Center, Hartford, Conn.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Metro Center, Hartford, Conn.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Metro-Center-Hartford-Conn.-e1485351490912.jpg?w=1000\" class=\"size-medium wp-image-1004165058\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Metro-Center-Hartford-Conn..jpg\" alt=\"Metro Center, Hartford, Conn.\" width=\"300\" height=\"245\" \/><\/a><p id=\"caption-attachment-1004165058\" class=\"wp-caption-text\">Metro Center, Hartford, Conn.<\/p><\/div>\n<p><strong>Hartford, Conn.<\/strong>\u2014Meridian Capital Group recently announced that it has arranged a $40 million bridge financing on behalf of Shelbourne Global Solutions for the acquisition of Metro Center, a 293,600-square-foot office building located in downtown Hartford.<\/p>\n<p>The two-year loan featuring a floating rate of 5.8 percent over the 30-day LIBOR rate and interest-only payments was negotiated by Shaya Ackerman, senior managing director, and Shaya Sonnenschein, senior vice president of Meridian\u2019s New York City headquarters through Thorofare Capital.<\/p>\n<p>According to the <em><a href=\"https:\/\/www.hartfordbusiness.com\/article\/20170110\/NEWS01\/170119999\" rel=\"nofollow\" target=\"_blank\">Hartford Business Journal<\/a><\/em>, the borrower acquired the property for $49 million from The Fremont Group earlier this month. The asset last traded in 2013 for $22.7 million.<\/p>\n<p>Located at 350 Church St., the 12-story Class A office building completed in 1986 features ample parking in an adjacent multi-level structure and is strategically located in Hartford\u2019s revitalized downtown central business district.<\/p>\n<p>The property is 99 percent occupied by a strong credit-tenant roster, including Lincoln Financial and CohnReznick. The sponsor entered the contract over a year ago and negotiated a long-term lease with Lincoln Financial that continues through 2028.<\/p>\n<p>\u201cMeridian 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\u2019s business plan for the asset,\u201d said Ackerman in a prepared statement.<\/p>\n<p><em>Image courtesy of Meridian Capital Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Metro Group, the Class A property recently acquired by Shelbourne Global Solutions, last traded in 2013 for $22.7 million.<\/p>\n","protected":false},"author":1192,"featured_media":1004508665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21742,10,21747],"tags":[33375,33635,33634],"class_list":["post-1004165057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-latest","category-northeast","category-office","tag-meridian-capital-group","tag-shaya-ackerman","tag-shelbourne-global-solutions"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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