Meridian Capital Group, LLC arranged a $31.1 million loan for the refinance of an office property located New York’s Diamond District.
The seven-year loan, provided by a regional balance sheet lender, features a competitive fixed-rate of 3.88% and a 30-year amortization schedule.
This transaction was negotiated by Meridian Capital Group managing director, Allan Lieberman, senior managing director, Rael Gervis, and vice president, Asher Haft, who are all based in the company’s New York City headquarters.
The 10-story office property is located at 30-34 West 47th Street, in the heart of the Diamond District, and totals 55,100s/f, including a two-story retail jewelry arcade.
“Meridian is well acquainted with this property’s dynamics and its location in Manhattan’s Diamond District,” said Lieberman.
“Meridian utilized our significant track record on behalf of this client as well as our knowledge of this area’s properties to negotiate advantageous financing terms for this asset,” he added.
Meridian also announced a $40 million loan for the refinance of a the Drexelbrook Apartments, a multifamily property located in Drexel Hill, PA on behalf of William Kay, a general partner of Drexelbrook Associates, LLC.
The 10-year loan features a floating-rate of 129 basis points over the one-month LIBOR and interest-only payments for the full term.
This transaction was negotiated by Meridian senior vice president Jim Bologno, and vice president Paul Gilbert, who are both based in the company’s Iselin, NJ office.