Meridian Capital Group negotiated $20 million in bridge financing for the pre-development of an 80,000 s/f mixed-use project in Lenox Hill on behalf of Reading International.
The three-year loan, provided by a balance sheet lender, features a fixed rate of 3.25 percent. The transaction was negotiated by Tal Bar-Or and Raj Khatiwala.
Cinemas 123, located at 1001 Third Avenue, is a three-story, 16,000 s/f movie theater. The property has 80,000 s/f of buildable air rights and is near Billionaire’s Row, which has some of the highest-end luxury residential properties in New York City.
“The property’s prominent location and strong sponsorship created a unique financing assignment,” explained Bar-Or, noting that this was the fourth financing transaction Meridian completed on behalf. of the borrower.
Added Khatiwala, “Our team was able to provide a flexible, low-cost financing solution that will help Reading International continue to move towards their plan of redeveloping the theater into a major mixed-use project.”