Meridian Capital Group arranged $100 million in CMBS financing to refinance an office property located in the NoMad neighborhood of Manhattan on behalf of The Moinian Group.
The 10-year CMBS loan, provided by Deutsche Bank, features a competitive fixed-rate with full-term interest-only payments.
The transaction was negotiated by Meridian Senior Managing Director Drew Anderman and Senior Vice President Alan Blank, who are both based in the company’s New York City headquarters.
60 Madison Avenue is a 13-story, 217,455 s/f office building, located in the heart of the NoMad district.
The property has frontage along Madison Avenue, East 26th Street and East 27th Street, and offers views of Madison Square Park.
60 Madison Avenue is 96.5 percent leased and features a newly renovated lobby, updated elevator cabs, upgraded hallways, high ceilings and a full-time attended lobby with 24/7 building access.
The property is within walking distance from the N, Q, R and 6 subway lines. It is also in close proximity to Pennsylvania Station and Grand Central Station.
“Since completing the renovations, the borrower changed their leasing strategy and focused on full-floor high-quality tenants,” explained Anderman.
“Now that the renovations are complete and the building is 96.5 percent leased, lenders recognize the tremendous value of the property.
“Meridian negotiated a favorable CMBS execution, with full-term interest-only payments by leveraging its strong knowledge of the asset and marketplace.”