Meridian Capital Group, America’s most active debt broker, arranged $6.4 million in financing to refinance a commercial property on the Upper East Side of Manhattan.
The five-year loan, provided by a regional balance sheet lender, features a competitive fixed rate of 3.75% and a five-year extension option. This transaction was negotiated by Meridian Managing Director, Brian Flax, and Associate, Blake Orman and Ami Levin, who are all based in the company’s New York City headquarters.
The property, located at 418 East 71st Street, is a seven-story, seven-unit commercial property and was previously a medical office building occupied by Cornell Medical College. Built in 1910, the pre-war property is in close proximity to the Franklin D. Roosevelt East River Drive and the 4, 5, 6, F, N, Q and R subway lines.
“Cornell Medical College occupied 69% of the building for the past 20 years,” said Mr. Orman. “Since Cornell vacated the building, the sponsors were seeking financing to renovate the building and refinance the existing debt,” he added. “Meridian was able to negotiate new financing that will allow them to reposition 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