Meridian Capital Group arranges $28 million in financing for a four-property office portfolio

Manhattan, NY Meridian Capital Group has arranged $28 million in financing for four retail and office properties. The transaction was negotiated by Meridian senior managing director, Morris Betesh, and senior vice president, Alex Bailkin, who are based in the company’s New York City headquarters. Ian Lester and Aaron Schifino of Lester Bleckner and Shaw LLP were legal counsel on behalf of the sponsor. 

The properties are located at 9 East 19th St., 18-20 West 21st St., 135-141 20th St., and 110-112 West 27th St. The four office properties total 164,675 s/f and are located in some commercially active areas. The portfolio benefits from high levels of foot traffic in the immediate submarket as all the properties are in walking distance from Madison Square Park, Union Square Park, and the High Line. The properties are situated within short walks of all of Manhattan’s subway lines, making it an accessible area in terms of transportation. 

“Financing office properties in New York City has become increasingly difficult. However, with our broad base of lender relationships, we were able to source an insurance company to write a low-leverage loan on these quality assets,” said Betesh.