Meridian Capital Group, America’s most active debt broker, arranged $105 million in financing for the refinance of an office building located in Manhattan’s Midtown West neighborhood on behalf of 521-533 West 57th Street Associates LLC.
The 12-year loan, provided by a local savings bank, features a fixed rate of 3.75% and five-years of interest-only payments. This transaction was negotiated by Meridian Managing Director, Allan Lieberman, Managing Director Steven Adler and Vice President, Jeffrey Berkes, who are all based in the company’s New York City headquarters.
The property, located at 521-533 West 57th Street, is a 310,000 square-foot office condominium, occupying the first six floors of the 10-story building. The contemporary style exterior features a modern granite and glass façade with 275 feet of frontage along West 57th Street and 150 feet of frontage along West 58th Street. The office space is 100% leased to three prominent tenants including investment grade LabCorp and CBS Broadcasting. 521-533 West 57th Street is in close proximity to Columbus Circle and is a short walk from the A, C, B, D and 1 subway lines at the Columbus Circle station.
“Lenders showed tremendous interest in the refinance of this asset, given its central location in the desirable Midtown West market,” explained Mr. Lieberman. “Meridian capitalized on the strong demand by lenders for this asset and sponsorship and leveraged this momentum to negotiate a competitive fixed rate for 12 years with five years of interest-only payments,” he added.
Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com