521-533 West 57th Street - Manhattan, NYManhattan, NY Meridian Capital Group has arranged $105 million in financing for the refinance of an office building located in the Midtown West neighborhood on behalf of 521-533 West 57th Street Associates LLC.
The 12-year loan, provided by a local savings bank, features a fixed rate of 3.75% and five-years of interest-only payments. This transaction was negotiated by Meridian managing director, Allan Lieberman, managing director Steven Adler and vice president, Jeffrey Berkes, who are all based in the company’s New York City headquarters.
Steven Adler, Meridian Capital
Allan Lieberman, Meridian CapitalThe property, located at 521-533 West 57th St., is a 310,000 s/f office condominium, occupying the first six floors of the 10-story building. The contemporary style exterior features a modern granite and glass façade with 275 ft. of frontage along West 57th St. and 150 ft. of frontage along West 58th St. The office space is 100% leased to three prominent tenants including investment grade LabCorp and CBS Broadcasting. 521-533 West 57th St. is close to Columbus Circle and the A, C, B, D and 1 subway lines at the Columbus Circle station.
“Lenders showed tremendous interest in the refinance of this asset, given its central location in the desirable Midtown West market,” said Lieberman. “Meridiancapitalized on the strong demand by lenders for this asset and sponsorship and leveraged this momentum to negotiate a competitive fixed rate for 12 years with five years of interest-only payments.”
Founded in 1991, Meridian Capital Group is one of America’s most active debt brokers and one of the nation’s leading commercial real estate finance advisory firms. In 2016, Meridian closed $35 billion in transaction volume. Since inception, the company has closed more than $270 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. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California.