Schmuckler of Meridian Capital Group arranges $13 million in financing; five-story office and retail property totaling 151,540 s/f

Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $13 million mortgage to refinance the mixed-use office and retail property located at 40 West 14th St. The five-year balance sheet loan features a competitive fixed-rate of 2.90% and was provided by a local commercial bank. This transaction was negotiated by Meridian Capital Group vice president, Jacob Schmuckler, who is based in the company's New York City headquarters. The five-story, 151,540 s/f property contains 75,000 s/f of office space and 75,000 s/f of retail space, with additional space for common areas. The building is home to retail tenants including New York Sports Club, Party City and Jack Rabbit Sports. "The challenge in this transaction was obtaining favorable terms despite market volatility," said Schmuckler. "Meridian leveraged its relationships with balance sheet lenders who could more easily preserve terms despite market movements and negotiated a flexible structure and a very low interest rate," he added.