Meridian Capital Group arranged a $16.3 million mortgage on behalf of Park Avenue South, LLC to refinance and consolidate its senior and mezzanine debt secured by the classic multifamily loft building located at 220 Park Avenue South in New York City.
The five-year financing, provided by a local savings bank, features a fixed-rate of three percent and was negotiated by managing director, Allan Lieberman, who is based in the company’s New York City headquarters.
The nine-story, 38-unit loft-style property, built in 1900, contains 38 apartments and 2,650 s/f of ground level and mezzanine retail space.
Haru, a popular, upscale Japanese restaurant occupies the retail space. 220 Park Avenue South features a renovated lobby, elevators and video security system.
“We closely monitored the associated prepayment penalties on the outstanding debt and advised our client targeting the recapitalization to coincide with the least amount of cost exposure while securing best market rate,” said Lieberman.