Meridian Capital Group has negotiated a $310 million CMBS loan for the refinance of two adjacent office and retail properties spanning a full block on Fifth Ave. on behalf of The Moinian Group.
The 10-year loan features a competitive fixed-rate below 4% and was provided by a national CMBS lender. This transaction was negotiated by Meridian senior managing director, Drew Anderman, who is based in the company's New York City headquarters.
The 36 and 13-story properties, located at 535 and 545 Fifth Ave. respectively, total 437,200 s/f of office space and 85,000 s/f of retail space. The properties are situated on Fifth Ave. between 44th and 45th Sts., close to Grand Central Station, which provides tenants with easy access to one of the city's busiest transportation hubs and the amenities of Midtown, including numerous restaurants and retail stores.
"Meridian Capital structured a loan that greatly benefitted the ownership of this class-A New York City property," said Anderman. "We took advantage of the historically low interest rates and closed the financing prior to the 545 Fifth Ave. corner lease, while the remaining portion of the retail space is being retrofitted and repositioned to be retenanted."
Founded in 1991, Meridian Capital Group is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com Tags: