Meridian Capital Group, America’s most active dealmaker, arranged $70 million in financing for the refinance of the Beekman Tower mixed-use property located in the midtown east neighborhood of Manhattan.
The 10.5-year loan, provided by a national CMBS lender, features full-term interest-only payments. This transaction was negotiated by Meridian Managing Director, Steven Adler and Vice President, Simcha Schick, who are both based in the company’s New York City headquarters. The borrower was represented by the Schneider Law Group.
Beekman Tower, located at 3 Mitchell Place, is a 26-story, 114,000 square foot art deco skyscraper with a 10-story annex connected via the ground and second floors of the main tower. The property consists of 178 luxury residential and corporate housing units and 3,500 square feet of ground-floor community and retail space. Building amenities include a state-of-the-art fitness center, a conference room, and a rooftop lounge offering panoramic views of Manhattan which will be leased and operated by a restaurant and hospitality firm. Built in 1928, the historic Panhellenic Tower recently underwent an extensive $24.2 million renovation to reposition the property as corporate housing apartments. These apartments are currently managed by award-winning Bridgestreet Global Hospitality. Beekman Tower is ideally situated in an area populated by numerous Fortune 500 companies and trophy office buildings, benefitting its corporate housing clientele. Residents of the property enjoy close proximity to various world-class retail destinations, leading restaurants as well as the transportation hub at Grand Central Terminal.
“Meridian worked with the lender to structure a tailored solution that allowed the client to obtain a long-term permanent financing option for a building that was not yet fully stabilized,” explained Mr. Adler. “We negotiated a market rate loan with interest-only payments for more than 10 years, providing ample time to continue the execution of the business plan,” 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