Bar-Or and Khatiwala of Meridian Capital arrange $60 million refinance

New York Gallery Building, 24 West 57th Street - Manhattan, NY

Manhattan, NY Meridian Capital Group has arranged $60 million in permanent financing for the refinance of a mixed-use property located in the Plaza District, on behalf of APF Properties.

The seven-year loan, provided by Wells Fargo, features an exceptionally low floating rate and full-term interest-only payments. This transaction was negotiated by Meridian senior managing director, Tal Bar-Or and vice president, Raj Khatiwala who are based in the company’s New York City headquarters.

Meridian Capital Group" width="150" height="150" /> Tal Bar-Or, Meridian Capital Group

The New York Gallery Building, located at 24 West 57^th St., is a 10-story, 110,000 s/f mixed-use property, built in 1920. The Art Deco style block-through building connects to 25 West 56^th St. APF Properties acquired the asset in June 2006 for $69 million and invested significant capital into renovating the lobby, corridors, fire alarm system, windows and elevators. The property features high ceilings throughout and includes notable tenants Marian Goodman Gallery and Mosafer. The building in close proximity to public transportation, including multiple subway lines.

“Wells Fargo and APF Properties have an ongoing relationship and Meridian is happy to extend and deepen it,” said Bar-Or. “The APF team has worked closely with Meridian on several transactions and we look forward to continuing to build on these successes together.”