Meridian’s Bar-Or, Khatiwala and Kite negotiate $60 million CMBS loan

Manhattan, NY Meridian Capital Group arranged $60 million in CMBS financing for the refinance of an office property located at 286 Madison Ave. in midtown on behalf of APF Properties.

The ten-year loan, provided by Jeffries LoanCore, features a fixed-rate of 3.80% and full-term interest-only payments. This transaction was negotiated by Meridian senior managing director, Tal Bar-Or, vice president, Raj Khatiwala, and senior associate, Kyle Kite.

The 23-story office building contains 131,358 s/f.

The property is situated close to Bryant Park, Grand Central Terminal, a variety of restaurants, neighborhood services and high-end shops. APF Properties invested and continues to reinvest significant capital to upgrade the lobby, elevators, corridors, windows and other elements of 286 Madison Avenue. The property features a modernized lobby, elevators and restrooms. It also has a 24/7 attended lobby and is Energy Star and Wired Score certified. The space at 286 Madison Avenue is sought by small-and medium-sized professional service firms for its convenient location, availability of full-floor identity and its excellent location in the heart of Midtown.

“We are pleased to have worked with APF Properties and LoanCore to tailor a solution that allowed the borrower to take advantage of a long-term interest-only loan while locking in a rate below 4.00%,” explained Mr. Bar-Or. “These favorable loan terms were achieved as a result of the strong sponsorship and highly regarded management of APF Properties,” he added.