60 Madison Avenue - Manhattan, NYManhattan, NY Meridian Capital Group arranged $100 million in CMBS financing to refinance an office property located in the NoMad neighborhood on behalf of The Moinian Group, one of the only national real estate entities to develop, own and operate properties across every asset category.
The 10-year CMBS loan, provided by Deutsche Bank, features a competitive fixed-rate with full-term interest-only payments. This transaction was negotiated by Meridian senior managing director, Drew Anderman and senior vice president, Alan Blank, who are both based in the company’s New York City headquarters.
60 Madison Ave. is a 13-story, 217,455 s/f office building, located in the NoMad district. The property has frontage along Madison Ave., East 26th St. and East 27th St., and offers views of Madison Sq. Park. 60 Madison Ave. is 96.5% leased and features a newly renovated lobby, updated elevator cabs, upgraded hallways, high ceilings and a full-time attended lobby with 24/7 building access.
“Since completing the renovations, the borrower changed their leasing strategy and focused on full-floor high-quality tenants,” said Anderman. “Now that the renovations are complete and the building is 96.5% leased, lenders recognize the tremendous value of the property,” he added. “Meridian negotiated a favorable CMBS execution, with full-term interest-only payments by leveraging its strong knowledge of the asset and marketplace.”