Oheb of Meridian arranges $3 million permanent financing for mixed-use property: 755 Avenue of the Americas

Manhattan, NY Meridian Capital Group arranged $3 million in permanent financing for the refinance of a mixed-use property located on in the Chelsea neighborhood. The 10-year loan, provided by a national balance sheet lender, features a competitive fixed rate of 3.80% and a 30-year amortization schedule. This transaction was negotiated by Meridian associate, David Oheb. The property, located at 755 Avenue of the Americas, consists of two residential units and four commercial units totaling 2,150 ft. of retail space. Tenants include 2 Bros Pizza, Blue Dog Café, Su Spa and Halo Spa. Situated on the northwest corner of Avenue of the Americas and West 25th St., the property is located one block west of Madison Square Park. The neighborhood is known for its wide variety of upscale retailers and restaurants as well as a vibrant arts community. The 23rd St. subway station is two blocks south, connecting tenants to the 1, F, M and PATH lines. “Given current treasury market volatility, we set our client up to rate lock on-demand and they did so as soon as the 10-year dropped. This strategy enabled them to achieve a highly favorable fixed-rate of 3.80% for 10 years,” said Oheb. “Additionally, by working closely with the lender and all third parties we were able to close the loan in a 60-day timeframe," he added. Founded in 1991, Meridian Capital Group is one of America’s most active debt brokers and one of the nation’s leading commercial real estate finance advisory firms. In 2015, Meridian closed over 3,900 loans totaling more than $35 billion in transaction volume with 210 unique lenders, equating to $135 million per business day. Since inception, the company has closed more than $240 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian arranges financing for many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties.