Meridian Capital Group

Meridian Capital Group Arranges $30 Million in Financing for an Office and Retail Property Located in Manhattan’s Garment District

November 10, 2016

Meridian Capital Group, America’s most active debt broker, arranged $30 million in financing for the refinance of an office property located in the Garment District of Manhattan, on behalf of Renaissance Properties.

The 10-year loan, provided by a national balance sheet lender, features a competitive fixed rate of 3.50%. This transaction was negotiated by Meridian Executive Vice President, Avi Weinstock, Managing Director, Josh Rhine and Vice President, Luke Hingson, who are all based in the company’s New York City headquarters.

The property, located at 264-268 West 40th Street, is a 20-story, approximately 120,000 square foot office building, occupied by 40 tenants, including two restaurants as the retail tenants. The sponsor purchased the property as an underutilized asset in 2003 and invested over $10 million in renovations, which allowed for the reposition of the tenancy to create a class-A property. Tenants enjoy close proximity to a variety of shops, restaurants and tourist attractions, including Times Square, the New York Public Library and Bryant Park. The building offers direct access to the A, C, E subway lines at the Port Authority Bus Terminal and the N, Q, R S, 1, 2, 3, and 7 subway lines at Times Square.

“Even though the mortgage was maturing a year from now, Meridian encouraged the sponsor to take advantage of the current market, particularly in this desirable area of Manhattan, to lock in excellent terms with a substantial cash-out, while maintaining approximately 35% loan-to-value,” explained Mr. Weinstock. “Given the sponsor’s track record, Meridian was able to generate very strong proposals from multiple lenders and ultimately secured the best possible terms through a long-term balance sheet lender,” added Mr. Rhine.

“Josh Rhine did a fabulous job. He followed up on a timely basis and we succeeded with a great refinance,” said Kenneth Fishel at Renaissance Properties.

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

Recent Articles | Back to News

EverWest Purchases New Jersey Industrial Asset for $62M

Press Release
November 10, 2016

Parkview Financial Provides $207M for NYC Hudson Hotel Conversion

Press Release
November 10, 2016

Betesh of Meridian Capital Group Arranges $400 Million Recapitalization and Redevelopment Financing for the Hudson Hotel in New York, NY

Press Release
November 10, 2016

Parkview Financial Provides $92M Construction Loan for Brooklyn Office Building

Press Release
November 10, 2016

Capital One Lends $315M on Multifamily Portfolio

Press Release
November 10, 2016

Meridian Capital Group Arranges Full Capital Stack Involving Sale and Financing of the Arches in the Bronx, NY

Press Release
November 10, 2016