LONG BRANCH, NJ — Meridian Capital Group, arranged $1 million in bridge financing for a land parcel located in Long Branch.
The 12-month loan was provided by Sharestates, a real estate crowdfunding platform backed by institutional capital, and features interest-only payments for the full term. This transaction was negotiated by Meridian associate, David Oheb, who is based in the company’s New York City headquarters.
The 119,400 s/f vacant lot is located at 888 Ocean Ave. just one block from the Atlantic Ocean in the Elberon neighborhood of Long Branch. Elberon began as a beach resort community in the late eighteenth century and developed a reputation as the “Hollywood” of the East in the nineteenth century. Today it remains an upscale residential beachside neighborhood located within 90 minutes of New York City.
“We are thrilled at the opportunity to work closely with David Oheb, and a top-tier firm like Meridian, said Allen Shayanfekr, CEO of Sharestates. “Our team at Sharestates couldn’t be happier with the ease and fluidity of our transaction together—the first of many. We look forward to making our platform the go-to solution for creative projects that Meridian originates and structures with our underwriting team,” he added.
“Meridian successfully met the client’s accelerated deadline of just one week due to tremendous teamwork between the client, Meridian and the lending team at Sharestates.” said Oheb.