Meridian Capital Group, America’s most active dealmaker, arranged $51 million in balance sheet financing for the leasehold position of a class-A office building located in the Midtown East area of New York City, on behalf of Waterman Interests.
The five-year loan, provided by a national balance sheet lender, features interest-only payments and was negotiated by Meridian Associate, Sean Robertson, Senior Managing Director, Drew Anderman, and Vice President, Josh Berman, who are all based in the company’s New York City headquarters.
The property, located at 400 Park Avenue is a 22-story, 260,000-square foot class-A office building that underwent extensive renovations between 2010 and 2015, and is currently 90% occupied. Designed in 1957 by Emory Roth & Sons, one of New York’s preeminent architectural firms, the building was once home to the Syms Corp department store; today, it is the headquarters of Waterman Interests.
400 Park Avenue is in close proximity to Grand Central, Rockefeller Center, and Central Park, and conveniently situated near many of New York City’s most notable restaurants and retailers. The building is also a short distance from the E and M subway lines at the 53rd Avenue/Lexington Station, and several local and express bus routes.
Additionally, the property qualifies for the city’s East Midtown Rezoning project which provides zoning incentives to attract a broad range of businesses and cement the area’s future as a top business district and job generator.
“Through hard work, attention to detail and investing a significant amount of capital, the client was able to transform 400 Park Avenue into a true class-A office building and attract high-caliber tenants,” said Mr. Anderman. “Additionally, the response from the lending community was tremendous and as a result we were able to negotiate financing reflective of the quality of 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