Meridian Capital Group arranges $118.5 million in financing for three Manhattan properties

Manhattan, NY Meridian Capital Group has arranged $118.5 million in financing for three properties - the Theater House, 315 Fifth Ave., and 114 West 86th St.

This 10 year interest only transaction was negotiated by Meridian Senior Vice President, Simon Rosenfeld, who is based in the company’s New York City headquarters.

Located at 237 East 34th St., the Theater House is a 22-story glass tower in the Murray Hill and Kips Bay neighborhoods. The property offers residential units that feature wrap-around glass curtain walls and private outdoor space. 

315 Fifth Ave. is a 12-story, mixed-use building with three floors of retail space and nine floors of office space. The suites throughout the property feature window exposure and are home to a variety of tenants including law firms, accounting practices, and doctors’ offices. 

114 West 86th St. is a 17-story elevator apartment building located in the Upper West Side. This property benefits from historically high occupancy and its proximity to Central Park. 

“This loan presented several major challenges that took focus and creativity to solve. The properties net incomes were not supporting the existing balances for their upcoming loan maturities. The buildings were still recovering from issues such as COVID rent reductions and due to this, coupled with the rising interest rate market, we were left with limited options and this required a unique solution. We successfully structured a CMBS loan coupled with a rate buy-down and two levels of Mezz debt that allowed the client to attain the required proceeds needed to close. Our relationship with the lender was a crucial element in our ability to bring this complex loan across the finish line.” said Mr. Rosenfeld.