Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, arranged a $20 million loan for the refinance of a triple-net leased office and retail property located in New York, NY.
The seven-year loan, provided by a regional balance sheet lender, features a competitive fixed-rate of 3.88% and interest-only payments for the full term. This transaction was negotiated by Meridian Capital Group Senior Vice President, Simon Rosenfeld, who is based in the Company’s New York City headquarters.
The five-story commercial property, located at 714 Madison Avenue on the Upper East Side of Manhattan, totals 6,240 square feet and has been completely renovated to be occupied by Buccellati, a world renowned luxury jewelry company.
“Regardless of the asset’s prime location in one of the most popular retail corridors in the world, obtaining financing was challenging as the property was undergoing a gut renovation for a new tenant and was fully vacant,” said Mr. Rosenfeld. “Meridian leveraged our strong relationship with the lender and the proven track record of the borrower to negotiate very competitive loan terms from the existing lender including a reduced prepayment penalty, low rate and interest-only payments for the full term,” 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