Debt broker Meridian Capital Group negotiated a $30 million mortgage for the refinance of a multifamily property located in New York, NY on behalf of Samson Management LLC.
The seven-year loan, provided by a regional balance sheet lender, features a competitive fixed-rate of 3.50 percent and interest-only payments for the full term.
The transaction was negotiated by Meridian Executive Vice President, Avi Weinstock, and Vice President, Chaim Tessler, who are both based in the Company’s New York City headquarters. The 16-story, 97-unit multifamily property is located at 15-17 Park Avenue, on the Northeast corner of 35th Street and Park Avenue and features 2,810 s/f of office space.
The property was designed and built in 1924 by Fred F. French and is situated in the heart of the Murray Hill neighborhood of Manhattan, walking distance from Grand Central Station and Herald Square.
“Meridian was able to create competition in the marketplace for this loan based on the sponsorship, location and quality of asset. By doing so, we achieved a favorably priced and flexible structure that maximizes cash flow through a seven-year interest-only period,” said Tessler.