Meridian Capital Group, a debt broker, negotiated a $310 million CMBS loan for the refinance of two adjacent office and retail properties spanning a full block on Fifth Avenue in New York, NY on behalf of The Moinian Group.
The 10-year loan features a competitive fixed-rate below 4.00% and was provided by a national CMBS lender.
This transaction was negotiated by Meridian Capital Group senior managing director Drew Anderman, who is based in the company’s New York City headquarters.
The 36- and 13-story properties, located at 535 and 545 Fifth Avenue respectively, total 437,200 square feet of office space and 85,000 square feet of retail space.
The properties are situated on Fifth Avenue between 44th and 45th Streets, close to Grand Central Station, which provides tenants with easy access to one of the city’s busiest transportation hubs and the amenities of Midtown Manhattan, including numerous restaurants and retail stores.
“Meridian Capital structured a loan that greatly benefitted the ownership of this class-A New York City property,” said Anderman.
“We took advantage of the historically low interest rates and closed the financing prior to the 545 Fifth Avenue corner lease, while the remaining portion of the retail space is being retrofitted and repositioned to be retenanted.ˮ
The National Basketball Association recently signed a lease for a 24,000 s/f flagship store at 545 Fifth.