Meridian Capital Group, America’s most active deal maker, arranged $125 million of balance sheet and mezzanine financing for a retail property located at 100 West 125th Street in Harlem, NY on behalf of Jeff Sutton/Wharton Properties.
The first mortgage and mezzanine loans, provided by Morgan Stanley and J.P. Morgan, respectively, feature a competitive LIBOR-based interest rate over, interest-only payments, and up to five years of term. This transaction was negotiated by Meridian Executive Vice President, Aaron Birnbaum and Vice President, Tal Savariego, who are both based in the company’s New York City headquarters.
The property, located on the southwest corner of 125th Street and Lenox Avenue, is a six-story, 200,000 square foot prime retail property in the heart of Harlem. Featuring 150 feet of frontage on 125th Street and 200 feet of full-block frontage along Lenox Avenue, the property is an institutional-grade retail property, featuring strong national and credit tenants, including Whole Foods, Burlington Coat Factory, TD Bank, Olive Garden, American Eagle Outfitters and Raymour & Flanigan. The property is surrounded by emerging retailers and is situated directly across the street from Marshalls and Marcus Samuelsson’s renowned Red Rooster restaurant.
“Meridian arranged first mortgage and mezzanine financing to repatriate the borrower’s equity and refinance construction financing that Meridian previously arranged for this property,” said Mr. Savariego. “The new balance sheet financing provides interest-only payments at a favorable rate and gives the borrower flexibility to continue its operation of the asset,” 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