Upper West Side Retail Portfolio

New York, NY

28,000 Sq. Ft. Retail Condominiums
Financing Amount: $27,600,000

Challenge:

Obtain competitive fixed-rate financing for retail condominium units in a volatile interest rate environment, and reduce debt service through the refinancing and consolidation of higher-rate mortgages from several lenders to a single lender.

Solution:

Meridian discussed the transaction with a broad array of lenders interested in financing the portfolio, ultimately negotiating a cross-collateralized, seven-year CMBS loan that allowed the borrower to maximize proceeds and obtain a competitive rate of 5.31%.