7-9 East 32nd St. - Manhattan, NYManhattan, NY Meridian Capital Group arranged $17.6 million in permanent financing for the refinance of a multifamily property located at 7-9 East 32nd St.
The five-year loan, provided by a local balance sheet lender, features a competitive fixed-rate of 3.25% and a five-year extension option. This transaction was negotiated by Meridian senior vice president, Jacob Schmuckler, who is based in the company’s New York City headquarters.
Jacob Schmuckler, Meridian CapitalThe nine-story, 76-unit property is located in Midtown South near Korea Town, the Empire State Building and the Herald Square area. Residents are also close to the 6, B, D, F, M, N, Q, and R subway lines and PATH trains, providing access throughout the borough and to Brooklyn, Queens and N.J.
“Given the terrific location and quality of the property, Meridian leveraged its relationship with the lender to negotiate a reduction in the prepayment penalty as well as a meaningful cash-out benefitting the sponsor,” said Schmuckler.
Founded in 1991, Meridian Capital Group is America’s most active debt broker 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.