1551 Broadway

New York, NY

25,600 Sq. Ft. Retail Property
Financing Amount: $180,000,000

Challenge:

Arrange a 10-year, interest-only loan for a single-tenant retail property in which a significant portion of the value of the collateral may be attributed to the asset’s 125-foot high LED signage in New York’s Times Square.

Solution:

To achieve the desired financing, Meridian engaged a signage specialist to analyze and verify the quality and value of the signage asset. Meridian further illustrated to CMBS lenders the strong creditworthiness of the tenant as a public company with a solid balance sheet, modeled the potential for higher rents if the property were to be re-leased, and underscored the property’s highly visible and irreplaceable location in the heart of Times Square.