Levine of Meridian Capital arranges $100 million CMBS loan for Barney's retail condominium

Meridian Capital Group, LLC recently arranged a $100 million CMBS loan for Flagship Partners LLC to refinance the Barney's retail condominium, located at 660 Madison Ave., on the corner of 61st St. The loan is one of the largest and most notable CMBS loans originated since the market downturn in 2008 and is expected to be contributed to a U.S. conduit offering that will price later this summer. Meridian negotiated the new 10-year fixed-rate loan at a favorable rate through Citi Global Markets. The nine-floor, 265,000 s/f retail condominium is home to Barney's flagship store. The building, completed in 1958, is located in the Plaza District in midtown, providing access to public transportation and other area landmarks. Because of its location and tenants, it is considered one of the most highly regarded properties in the area. Through this and numerous other recent transactions, Meridian has demonstrated its continued market leadership and remains at the forefront of the conduit and balance sheet lending markets' return. "This transaction's size and structure are highly indicative of the reemergence of the large loan and CMBS markets," said Ronnie Levine, the Meridian managing director who negotiated the loan. "Meridian was able to quickly evaluate our client's financing options, vet the loan to our broad national network of capital providers, and develop an effective solution tailored to our client's financing needs. This is not a transaction that could have happened so quickly even six months ago," said Levine. Founded in 1991, Meridian Capital Group, LLC 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.