Meridian Capital Group, America’s most active dealmaker, arranged $49 million in financing to refinance an office building in the midtown south neighborhood of New York, NY, on behalf of a long-term client.
The five-year loan, provided by a savings bank, features two years of interest-only payments. This transaction was negotiated by Meridian Executive Vice President, Jeff Weinberg, and Senior Managing Director, Rael Gervis, who are both based in the company’s New York City headquarters.
232 Madison Avenue is a 16-story, 132,000 square foot office building located on the corner of Madison Avenue and East 37th Street. The property is in close proximity to a plethora of Manhattan’s top attractions, including the Empire State Building, Bryant Park, the New York Public Library, the Chrysler Building, and Times Square, in addition to a wide variety of shops and restaurants on nearby Fifth Avenue. 232 Madison is easily accessible via the 4, 5, 6, B, D, F, and M subway lines, the Metro-North Railroad at Grand Central, and via the Long Island Rail Road, New Jersey Transit, and Amtrak trains at Penn Station.
“It was important in this transaction to maintain the prepayment penalty and structural flexibility available through a bank balance sheet execution,” said Mr. 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.”
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