MacNeil and Flax of Meridian arrange $23.5 million in financing; on behalf of 32 W. 39 Midtown Properties, LLC

New York, NY Meridian Capital Group, one of America’s most active debt brokers, negotiated a $23.5 million loan for the refinance of an office property on behalf of 32 W. 39 Midtown Properties, LLC. The five-year loan, provided by Signature Bank, features a competitive fixed-rate of 3.88% and two years of interest-only payments followed by a 30-year amortization schedule. This transaction was negotiated by Meridian associate, Michael MacNeil, and managing director, Brian Flax, who are both based in the company’s New York City headquarters. The 16-story property, located at 32 West 39th St., totals 84,850 s/f and notable tenants include Glatt Kosher restaurant Colbeh, as well as Marcus Adler Gloves and wedding dress designer Ulla-Maija. Located near the fabled garment district and Bryant Park, the property offers easy access to numerous restaurants, retailers and tourist attractions. “The 90% occupied midtown office property has been owned by the sponsor for over a decade and is in pristine condition with regular renovations and upgrades,” said MacNeil. “Meridian’s top-tier lending relationships enabled us to secure below-market financing and maximum proceeds so the client can continue acquiring prime New York City real estate assets,” he added.