Meridian Capital Group arranged $200 million in acquisition financing for the mixed-use commercial building located at 530 Broadway in New York, on behalf of a venture led by Jeff Sutton’s Wharton Properties.
The three-year financing was provided by a national balance sheet lender and features a competitive LIBOR-based spread and two one-year extension options.
The transaction was negotiated by Meridian managing director Ronnie Levine and vice president Tal Savariego, who are both based in the company’s New York City headquarters.
The 11-story, 194,500 s/f property is located at 530 Broadway, at the corner of Spring Street, and is composed of three interconnecting buildings.
The property is directly across from 529 Broadway, where a venture between Sutton’s Wharton Properties, Aurora Capital Associates and Thor Equities is developing a 34,000 s/f retail building.
“530 Broadway not only has an irreplaceable location, but its sponsorship is uniquely positioned to execute a value-add strategy over time and capture additional upside from the asset,” said Savariego. “Meridian leveraged its unique relationships and the collective experience and strength of the sponsorship group to negotiate a competitively priced floating-rate balance sheet loan, without syndication risk, that frees cash flow and provides refinancing flexibility as the investment strategy is realized,” he added.