Meridian Capital Group negotiated a $160 million loan for the refinance of two adjacent mixed-use properties located in New York, NY on behalf of The Moinian Group.
The five-year loan was provided by a balance sheet lender and terms were negotiated by Meridian Capital Group Senior Managing Director, Drew Anderman, who is based in the Company’s New York City headquarters.
The property, located at 90 and 110 John Street, is split into two mixed-use condominiums. The first is a 29-story building with 221 luxury residential units and 121,000 square feet of office and retail space. The second is a four story condominium totaling 66,000 square feet of office, retail and garage space as well as 150,000 square feet of additional air rights.
“The borrower plans to utilize the funds to pay off their existing mortgage and construct a new residential tower,” said Anderman.
“Working closely with the development team at The Moinian Group and the lender, Meridian was able to structure a loan that allows the borrower to build over the existing four-story low-rise building and capitalize on the value of the air rights.”
This is the second deal in as many weeks Meridian has closed for Moinian.
Last week, the company announced it negotiated a $310 million CMBS loan for Moinain’s 535 and 545 Fifth Avenue.
The National Basketball Association recently signed a l;ease for a 24,000 s/f flagship store at the property.