Team Betesh arranges $32.25 million in financing for Kaufman Arcade Building

Manhattan, NY The Betesh Team at Meridian Capital Group arranged $32.25 million in financing on behalf of Kaufman Organization. The 5-year non-recourse loan was negotiated by Meridian senior managing director Morris Betesh, Managing Director Justin Boruchov, and Vice President Jack McPhail.

Located at 132 West 36th St., the Kaufman Arcade is an iconic 12-story office building that has been a significant part of Manhattan's architectural landscape since its construction in 1922. Spanning 200,000 s/f, along with ground floor retail, this historic building has been under the stewardship of the Kaufman Organization for over 70 years. Despite the fluctuating real estate market, the building maintains an impressive 92% occupancy rate, reflecting its desirability and the effective management practices in place.

"Despite challenges in the office sector, Kaufman has been able to keep the asset well-occupied through a hands-on management approach and by providing top-tier service to their tenants. Meridian sourced a lender that understood the strength of the asset and sponsorship team behind it and provided a competitive financing package.", said Betesh.