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.”