Rosenfeld of Meridian Capital Group arranges $20 million in permanent financing for a triple-net leased commercial property

Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, arranged a $20 million loan for the refinance of a triple-net leased office and retail property. The seven-year loan, provided by a regional balance sheet lender, features a competitive fixed-rate of 3.88% and interest-only payments for the full term. This transaction was negotiated by Meridian Capital Group senior vice president, Simon Rosenfeld, who is based in the company's New York City headquarters. The five-story commercial property, located at 714 Madison Ave. on the Upper East Side of Manhattan, totals 6,240 s/f and has been completely renovated to be occupied by Buccellati, a world renowned luxury jewelry company. "Regardless of the asset's prime location in one of the most popular retail corridors in the world, obtaining financing was challenging as the property was undergoing a gut renovation for a new tenant and was fully vacant," said Rosenfeld. "Meridian leveraged our strong relationship with the lender and the proven track record of the borrower to negotiate very competitive loan terms from the existing lender including a reduced prepayment penalty, low rate and interest-only payments for the full term," he added.