22 West 23rd Street - New York, NYNew York, NY Meridian Capital Group has arranged $8 million in permanent financing for the refinance of a multi-tenant office property located in the Flatiron District of New York City on behalf of 22 Chelsea Properties, LLC.
The five-year loan, provided by a local balance sheet lender, features a competitive fixed-rate of 3.875%, two years of interest-only payments and a five-year extension option. This transaction was negotiated by Meridian managing director, Rael Gervis, and associate, Michael MacNeil, who are both based in the company’s New York City headquarters.
The property, totaling 14,400 s/f, is located at 22 West 23rd St. near the intersection of Fifth Ave. at Madison Sq. Park. Tenants are in immediate proximity to a wide variety of restaurants including Eataly, Shake Shack and Eleven Madison Park, as well as the lower Fifth Avenue retail corridor. The property is anchored by Crossmedia, Inc., and restaurant Mangia 57 occupies the ground floor.
“Having represented this client before, we knew exactly what Meridian needed to bring to the table to execute,” said MacNeil. “What keeps our clients coming back is our deep understanding of their preferences coupled with the firm’s institutional knowledge and relationships with New York City’s premier lenders; this deal is yet another demonstration of how and why Meridian is a market leader.”