Meridian Capital Group has arranged a $165 million loan for Isaac Chetrit to help fund his purchase of 1412 Broadway.
Chetrit is buying the 24-story office property and the adjacent three story retail building at 1420 Broadway from the Harbor Group International.
The Virginia based seller said the sale price totaled $268 million when the deal was announced earlier this year.
Meridian Capital Group announced today (Wednesday) that senior vice president David Hayum and vice president Tal Savariego negotiated $165 million of first mortgage and mezzanine financing for the purchase by 1412 BH LLC.
The five-year balance sheet financing features a floating rate. “The client required mezzanine financing to purchase the property but was averse to paying a higher interest rate typically associated with mezzanine debt,” said Hayum.
“Meridian leveraged our substantial relationship with the lender to structure a loan with a favorable blended interest rate and unique repayment terms that were specifically tailored to the borrower’s needs,” he added.
1412 Broadway was renovated in 2012 and totals 378,000 s/f of office space and 22,500 s/f of retail space. 1412 Tenants include Jones New York, Escada, Outerstuff LTD and Provident Bank.