Meridian Capital Group negotiated $130 million in permanent financing to refinance two office properties located in midtown Manhattan on behalf of a New York City-based sponsor.
The $130 million, seven-year financing package was provided by a regional balance sheet lender and features an interest rate of 3.88%.
This transaction was negotiated by Meridian Capital Group Vice President David Hayum, who is located in the Company’s New York City headquarters.
The properties are located at 15 West 47th Street and 22 West 48th Street, just south of Rockefeller Center in Midtown Manhattan, and are encumbered by a $75 million mortgage and a $55 million mortgage, respectively.
15 West 47th Street is a premier diamond exchange building and both properties have a concentration of diamond and jewelry manufacturers, wholesalers and retailers.
“Meridian previously arranged a combined $70 million financing package for these properties several years ago and was able to use that in-depth knowledge of the assets and the area to efficiently make a market for this credit,” said Hayum.