Meridian Capital Group, America’s most active debt broker, arranged $58 million in CMBS financing to refinance 1204, 1212 and 1214-1216 Broadway in the NoMad neighborhood of Manhattan.
The 10-year interest-only loan, provided by a foreign lender, was negotiated by Meridian Managing Director, Steven Adler and Vice President, Asher Urbach, who are both based in the company’s New York City headquarters.
The four contiguous retail and office properties, located at 1204, 1212 and 1214-1216 Broadway total 63,516 square feet with 150 feet of frontage on Broadway and 150 contiguous feet of frontage on West 30th Street. 1204 Broadway is a four-story building, totaling 21,316 square feet. 1212 Broadway is a single-story property with 3,700 square feet of space. 1214-1216 Broadway is a four-story, 38,500 square foot building. All properties combined house 29 tenants, which includes notable tenants, Grind and District Cowork. The properties are situated directly across the street from the future Virgin Hotel and are a block’s distance from the N, Q and R subway lines at Broadway.
“NoMad is a quintessential neighborhood that offers close proximity to Manhattan’s world renowned attractions, including Madison Square Garden, Times Square and some of New York’s world-class hotels, restaurants and nightlife,” said Mr. Adler. “Lenders saw the appeal in the properties’ prime location, which helped Meridian negotiate a 10-year interest-only loan,” 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