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Debt & Equity

Princeton International refinances 232 Madison

Meridian Capital Group arranged $49 million in financing to refinance an office building in midtown south on behalf of owner Princeton International Properties.

The five-year loan, provided by a savings bank, features two years of interest-only payments.  The transaction was negotiated by Meridian Executive Vice President, Jeff Weinberg, and Senior Managing Director, Rael Gervis.

232 Madison Avenue is a 16-story, 132,000 s/f office building on the corner of Madison and East 37th Street. “It was important in this transaction to maintain the prepayment penalty and structural flexibility available through a bank balance sheet execution,” said Weinberg.

“Further, we sought the appropriate balance between proceeds and pricing, and were able to achieve these outstanding results given the highly-capable sponsorship and the strong location and quality of the property.”

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