Levine and Birnbaum of Meridian Capital negotiate $180 million loan; 10-year fixed-rate CMBS loan provided by Citi Global

Meridian Capital Group, LLC negotiated $180 million in financing for 1551 Broadway, the flagship store for American Eagle Outfitters. The property is majority owned by retail titan Jeff Sutton. The 10-year, fixed-rate CMBS loan was provided by Citi Global Markets and negotiated by Ronnie Levine, a managing director based in Meridian's New York City headquarters, alongside Aaron Birnbaum, a partner and executive vice president at Meridian. This standalone retail property, located in Times Sq., features 25,600 s/f of retail space on four levels and 14,500 s/f of signage 250 ft. above street level. The property has 171 linear ft. of frontage and retailer American Eagle Outfitters as its sole tenant. "Meridian is very pleased to have advised Jeff Sutton, a preeminent New York commercial property investor, on this significant refinancing," said Levine. "This transaction is a strong example of Mr. Sutton's business acumen and real estate savvy when it comes to repositioning retail assets to their highest and best use. Meridian tailored the financing to allow Mr. Sutton to retire the property's floating-rate debt and lock in favorable terms as part of his long-term portfolio strategy," he said. 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. www.meridiancapital.com