Meridian Capital Group negotiated $60 million in financing for the purchase of the flagship retail co-op at 85 Fifth Avenue on behalf of Jeff Sutton’s Wharton Properties, General Growth Properties, and Maguire Capital. The three-year loan, provided by Wells Fargo, features a competitively priced LIBOR-based floating rate and loan extension options.
The transaction was negotiated by Meridian executive vice president, Aaron Birnbaum, and vice president, Tal Savariego
The retail property, located on the northeast corner of Fifth Avenue and East 16th Street, totals 12,960 s/f and houses an Anthropologie store.
“The floating-rate balance sheet financing features a competitive interest rate coupled with prepayment rights and extension options, providing maximum flexibility as the sponsors work toward executing their value-add business plan for this unique asset,” said Savariego.