Adler and Urbach of Meridian Capital Group arrange $58 million CMBS financing

Meridian Capital Group" width="150" height="150" /> Asher Urbach, Meridian Capital Group

Meridian Capital Group" width="150" height="150" /> Steven Adler, Meridian Capital Group

Manhattan, NY Meridian Capital Group has arranged $58 million in CMBS financing to refinance 1204, 1212 and 1214-1216 Broadway in the NoMad neighborhood.

The 10-year interest-only loan, provided by a foreign lender, was negotiated by Meridian managing director, Steven Adler and vice president, Asher Urbach, who are both based in the company’s New York City headquarters.

The four contiguous retail and office properties, located at 1204, 1212 and 1214-1216 Broadway total 63,516 s/f with 150 ft. of frontage on Broadway and 150 contiguous ft. of frontage on West 30^th St.

• 1204 Broadway is a four-story building, totaling 21,316 s/f.

• 1212 Broadway is a single-story property with 3,700 s/f of space.

• 1214-1216 Broadway is a four-story, 38,500 s/f building.

All properties combined house 29 tenants, which includes tenants, Grind and District Cowork. The properties are situated directly across the street from the future Virgin Hotel and are a block’s distance from the N, Q and R subway lines at Broadway.

“NoMad is a quintessential neighborhood that offers close proximity to Manhattan’s world renowned attractions, including Madison Square Garden, Times Square and some of New York’s world-class hotels, restaurants and nightlife,” said Adler. “Lenders saw the appeal in the properties’ prime location, which helped Meridian negotiate a 10-year interest-only loan.”

Founded in 1991, Meridian Capital Group is America’s most active debt broker and one of the nation’s leading commercial real estate finance advisory firms. In 2016, Meridian closed $35 billion in transaction volume. Since inception, the company has closed more than $270 billion in financing with the full complement of capital providers, encompassing 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 the company’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, Ohio, Florida and California.