MERIDIAN CAPITAL GROUP ARRANGES OVER $22 MILLION IN FINANCING FOR MANHATTAN OFFICE PROPERTY
New York, NY – Meridian Capital Group has arranged $22,500,000 in financing for 251-255 West 36th Street in New York City. This 112,000 square foot, Class-B office building houses roughly 50 different tenants that hail from a variety of industries. The property also boasts roughly 13,500 square feet of ground floor retail space. Seth K. Grossman of Meridian’s New York office negotiated on behalf of the borrower to secure a fixed rate of 5.75%. When the borrower purchased the property in 2003, it was nearly vacant. But occupancy was hovering at 100% as of late May.
A conduit lender originally agreed to make the loan in late 2007. As lenders roundly tightened credit, however, Meridian made the decision to swap the deal out to a local bank. The deal then closed quickly, enabling the borrower to refinance the property.
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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