Bar-Or and Khatiwala of Meridian Capital Group negotiate $20 million bridge loan

Tal Bar-Or, Meridian Capital Group

1001 Third Avenue - Manhattan, NY

Raj Khatiwala, Meridian Capital Group

Manhattan, NY Meridian Capital Group negotiated $20 million in bridge financing for the pre-development of an 80,000 s/f mixed-use project in the Lenox Hill neighborhood on behalf of Reading International.

The three-year loan, provided by a balance sheet lender, features a fixed rate of 3.25%. This transaction was negotiated by Meridian senior managing director, Tal Bar-Or and vice president, Raj Khatiwala.

Cinemas 123, located at 1001 Third Ave., is a three-story, 16,000 s/f movie theater and features three screens. The property is comprised of 80,000 s/f of buildable air rights.

The site is close to the N, R, 4, 5, and 6 subway lines at the East 59^th St. and Lexington Ave. station.

Additionally, the movie theater is near Billionaire’s Row, which has some of the highest-end luxury residential properties in the city.

“The property’s prominent location and strong sponsorship created a unique financing assignment,” said Bar-Or. “Meridian is pleased to have established a new lending relationship for Reading International and is excited that this was the fourth financing transaction Meridian completed successfully on their behalf,” he added. “Our team was able to provide a flexible, low-cost financing solution that will help Reading International continue to move towards their plan of redeveloping the theater into a major mixed-use project,” said Khatiwala.