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Deals & Dealmakers

Meridian arranges $165M Chetrit acquisition loan

Meridian Capital Group has arranged a $165 million loan for Isaac Chetrit to help fund his purchase of 1412 Broadway.
Chetrit is buying the 24-story office property and the adjacent three story retail building at 1420 Broadway from the Harbor Group International.
The Virginia based seller said the sale price totaled $268 million when the deal was announced earlier this year.

1412 Broadway
1412 Broadway

Meridian Capital Group announced last Wednesday that senior vice president David Hayum and vice president Tal Savariego negotiated $165 million of first mortgage and mezzanine financing for the purchase by 1412 BH LLC.
The five-year balance sheet financing features a floating rate. “The client required mezzanine financing to purchase the property but was averse to paying a higher interest rate typically associated with mezzanine debt,” said Hayum. “Meridian leveraged our substantial relationship with the lender to structure a loan with a favorable blended interest rate and unique repayment terms that were specifically tailored to the borrower’s needs,” he added.
1412 Broadway was renovated in 2012 and totals 378,000 s/f of office space and 22,500 s/f of retail space. Tenants include Jones New York, Escada, and Provident Bank.

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