Judah Hammer, Meridian Capital GroupNew York, NY Meridian Capital Group has arranged $7.3 million in permanent financing to refinance a mixed-use office and co-op property located in the Hell’s Kitchen neighborhood.
The five-year loan, provided by a national balance sheet lender, features a competitive fixed rate of 3.16% with one year of interest-only payments. This transaction was negotiated by Meridian vice president, Judah Hammer, and associate, Daniel Neiss, who are both based in the company’s New York City headquarters.
344-348 West 38th Street -New York, NY
This unique 13-story property, located at 344-348 West 38th St., houses 23 commercial tenants and has several stories of residential co-op units. The elegant prewar building is conveniently located near midtown, where tenants enjoy close proximity to all subway lines, Bryant Park and Times Sq. The neighborhood is renowned for its wide variety of restaurants as well as a vibrant arts community.
“We had numerous hurdles to overcome due to the unique tenancy and structure of this asset and it took us about a year to complete this deal,” said Hammer. “In the end it was well worth the hard work, because a fixed rate of 3.16% for a commercial property like this is far superior to the market.”