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Debt & Equity

110 Fifth mortgage tops $230M week at Meridian Capital

Meridian Capital Group negotiated a $100 million mortgage for the refinancing of 110 Fifth Avenue, an office and retail property owned by Samson Management.

The deal was one of a trio of multi-digit financings arranged by the firm in the past seven days.

110 Fifth Avenue
110 Fifth Avenue

Meridian also arrange a $92.3 million acquisition loan for a Pennsylvania buyer and a $20 million bridge loan for locally-based Treeline Companies.

The 110 Fifth Avenue dela was arranged by Meridian executive vice president Avi Weinstock, and managing director Chaim Tessler, who are both based in the company’s New York City headquarters.

The seven-year loan, featuring a fixed-rate of 4.125 percent and two years of interest-only payments. It was provided by a regional balance sheet lender.

The 11-story, 176,000 s/f property was constructed in 1888 and is located at the corner of West 16th Street, between Union Square and the Flatiron District, two of Manhattan’s most vibrant neighborhoods. Notable tenants include H&M, Town Residential, Joe Fresh and Wellcare.

“The borrower was focused on a balance sheet execution with an interest-only feature. Meridian’s extensive balance sheet lender relationships allowed us to custom tailor a financing solution in line with the borrower’s requirements,” said Tessler.

Also last week, Meridian negotiated a $20.5 million bridge loan for the Montague Center office property located on Montague Street in Brooklyn on behalf of Treeline.

Ronnie Levine
Ronnie Levine

The interest-only loan features a fixed-rate and was provided by a regional balance sheet lender. This transaction was negotiated by managing directors Tal Bar-Or and Ronnie Levine.

The nine-story Montague Center office property totals 82,600 s/f and is surrounded by new hotels, restaurants, retail and multiple subway lines.

“Meridian leveraged its unique and long-standing lender relationships to provide compelling terms in line with the sponsor’s long-term business plan of developing Downtown Brooklyn,” said Bar-Or. The broker, along with Meridian associate Kyle Kite also arranged an $18 million loan for the refinance an office property on Broad Street in Newark, NJ on behalf of the Berger Organization.

That seven-year loan features a fixed-rate of 4.25 percent and was provided by a regional balance sheet lender.

A $92.3 million acquisition financing was arranged for the purchase of the Towers at Wyncote property in Wyncote, PA on behalf of Lindy Property Management Company.

The eight-year loan, which was 80 percent of the purchase price, features a fixed-rate of 3.625 percent and was provided by a regional balance sheet lender. Senior vice president David Fisher, who is based in the company’s Iselin, NJ office, arranged the loan.

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