MERIDIAN CAPITAL GROUP ARRANGES $25 MILLION IN FINANCING FOR THE ST. JAMES BUILDING IN MANHATTAN
New York, NY – Meridian Capital Group has arranged $25,000,000 for the refinance of the St. James Building located at 1133 Broadway in New York City. This historic office building consists of 16 stories and 154,660 square feet of rentable space comprised of over 200 office tenants. The property also features ground floor retail space. Allan Lieberman of Meridian’s New York office negotiated on behalf of the borrower to secure a fixed rate of 5.75% upon application. Meridian was able to close the loan within 25 days. The borrower is a long established real estate family that has owned and operated the property for the past 35 years. The lender did not require escrows for tenant improvements, leasing commissions or replacement reserves.
Built in 1896, this historic gem is located at the corner of 26th Street along the perimeter of famed Madison Square Park. The property has undergone significant renovations designed to restore its pre-war eminence. With a striking façade that combines stone, brick, terra cotta, iron and copper, the St. James Building is unique for its neo-Renaissance style and limestone exterior.
Founded in 1991, Meridian Capital Group LLC is one of the nation’s largest mortgage brokerages serving the multifamily and commercial real estate sectors. The company is based in New York City with additional offices in New Jersey, Pennsylvania, Maryland, Illinois, Florida, California, and Texas. Working with a wide variety of lenders, Meridian finances transactions ranging from $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, self-storage, industrial, and construction properties. Nationally, Meridian reported more than 2,350 transactions in 2007, totaling over $16.5 billion.
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