Urban Standard Capital has provided a $20 million refinance loan to Meyer Equities, the longtime owner of 265 West 37th Street, to facilitate a partner buyout and pay for tenant improvements and leasing costs at the 23-story Midtown building.
The loan will allow Meyer Equities to buy out their long-term partner and take advantage of favorable tax benefits ending in 2020 on the 263,349 s/f building on Eighth Avenue in the Garment District.
Meyer Equities has owned the building for over 30 years and plans to use the funds to re-stabilize the asset with new tenants and extensions on existing tenants, according to Urban Standard Capital’s Charlie Brosens who arranged the I/O, 24-month financing at 5.25 percent.
“USC was able to close this loan less than 30 days from the signing of the term sheet and the closing was entirely remote,” added Brosens.
Urban Standard Capital, founded by Seth Weissman, is a Manhattan-based real estate investment company focused on lending, acquisitions, and development.