Meridian Capital Group, America’s most active debt broker, arranged $4.1 million in permanent financing for the refinance of an office property located in Manhattan’s Financial District.
The seven-year loan, provided by a balance sheet lender, features a competitive fixed rate of 3.58%. This transaction was negotiated by Meridian Associate, David Oheb who is based in the company’s New York City headquarters. Adam Dressler and Benjamin Oheb of Dressler Law served as the borrower's legal counsel on this transaction.
The eight-story, 14,830 square foot corner office property is located at 27 Whitehall Street in the financial district, one of the most significant business hubs in the world. The building is within two blocks of the 1, 4, 5, N, Q, and R subway lines, the Staten Island Ferry and is a short walk to ferry service at Pier 11 / Wall Street. The property is also situated directly across the street from Meridian Capital Group's headquarters.
“Lenders showed tremendous interest in the refinance of this asset, given its prominent location, low-leverage, and sponsor strength,” explained Mr. Oheb. “Meridian recognized the competition amongst lenders for this property and negotiated a below market 3.58% fixed rate for seven years,” he added. “Additionally, I've had my eye on this property since the day I joined Meridian and because our offices face the 27 Whitehall Street, this became a memorable transaction for our whole team.”
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