Meridian Capital Group arranged $118.5 million in financing for three Manhattan properties: the Theater House, 315 Fifth Ave. and 114 W. 86th St. BMO’s Jeff Foccaro provided an interest-only loan, negotiated by Meridian SVP Simon Rosenfeld.
Located at 237 E. 34th St., the Theater House is a 22-story residential tower at the nexus of Manhattan’s Murray Hill and Kips Bay neighborhoods. 315 Fifth is a 12-story, mixed-use building with three floors of retail space and nine floors of office space. 114 W. 86th is a 17-story elevator apartment building located on Manhattan’s Upper West Side.
“This loan presented several major challenges that took focus and creativity to solve,” said Rosenfeld. “The properties were still recovering from COVID rent spikes coupled with the rising interest rate market, which required us to strategize a unique solution. We successfully structured a CMBS loan coupled with a rate buy-down and two levels of mezz debt to attain the required proceeds needed to close.”