Meridian Capital Group arranged $125 million of balance sheet and mezzanine financing for a retail property at 100 West 125th Street in Harlem, NY on behalf of Jeff Sutton/Wharton Properties.
The first mortgage and mezzanine loans, provided by Morgan Stanley and J.P. Morgan, respectively, feature competitive LIBOR-based interest rates, interest-only payments, and up to five years of term.
This transaction was negotiated by Meridian executive vice president Aaron Birnbaum and vice president Tal Savariego.
The property, located on the southwest corner of 125th Street and Lenox Avenue, is a six-story, 200,000 s/f prime retail property in the heart of Harlem. Fbuilding with full-block frontage along Lenox Avenue.
An institutional-grade retail property, it has strong national and credit tenants including Whole Foods, Burlington Coat Factory, TD Bank, Olive Garden, American Eagle Outfitters and Raymour & Flanigan.
The property is surrounded by emerging retailers and is situated directly across the street from Marshalls and Marcus Samuelsson’s renowned Red Rooster restaurant.
“Meridian arranged first mortgage and mezzanine financing to repatriate the borrower’s equity and refinance construction financing that Meridian previously arranged for this property,” said Savariego.
“The new balance sheet financing provides interest-only payments at a favorable rate and gives the borrower flexibility to continue its operation of the asset.”