Meridian Capital Group negotiated a $51.5 million mortgage to recapitalize an office property located in Midtown Manhattan on behalf of Bernstein Real Estate.
The seven-year loan, provided by a regional balance sheet lender, features a fixed-rate of 3.88 percent.
The transaction was negotiated by Meridian managing director Allan Lieberman, who is based in the company’s New York City headquarters.
The 17-story office building, located at 216 East 45th Street, between Second and Third Avenues, totals 160,000 s/f and is 100 percent occupied. Notable tenants include LIM College and AT&T.
“Meridian structured the loan to minimize the initial debt service and accommodate several signed leases whose rent payments commence later in the year,” said Lieberman. “The lower interest rate and new cash out will enable our client to recoup costs associated with recent and ongoing capital improvement projects.”