Real Estate Weekly
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Debt & Equity

Midtown office tower receives $23.5M refinance

Meridian Capital Group negotiated a $23.5 million loan for the refinance of a Manhattan office property on behalf of 32 W39 Midtown Properties, LLC.

The five-year loan, provided by Signature Bank, features a fixed-rate of 3.88% and two years of interest-only payments followed by a 30-year amortization schedule.

The transaction was negotiated by Meridian associate Michael MacNeil, and managing director Brian Flax, who are both based in the company’s New York City headquarters.

The 16-story property, located at 32 West 39th Street, totals 84,850 s/f and notable tenants include Glatt Kosher restaurant Colbeh, as well as Marcus Adler Gloves and wedding dress designer, Ulla-Maija.

“The 90 percent occupied midtown office property has been owned by the sponsor for over a decade and is in pristine condition with regular renovations and upgrades,” said MacNeil.

“Meridian’s top-tier lending relationships enabled us to secure below-market financing and maximum proceeds so the client can continue acquiring prime New York City real estate assets.”

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