Meridian Capital Group, America’s most active dealmaker, arranged $70 million in financing for the refinance of the Hilton Cincinnati Netherland Plaza Hotel in Cincinnati, OH on behalf of Gregory Power of Cincinnati Netherland Hotel LLC.
The 12-month loan was provided by a balance sheet lender and was negotiated by Meridian Senior Managing Director, Drew Anderman, and Senior Vice President, Joshua Berman, who are both based in the company’s New York City headquarters.
Located at 35 West Fifth Street in Cincinnati’s Central Business District, the Hilton Cincinnati Netherland Plaza is a 561-key, full-service hotel with 41,000 square feet of meeting space, featuring the Hall of Mirrors, Cincinnati’s premiere event space, and five onsite food and beverage facilities, including Orchids, Ohio’s only AAA Five Diamond award-winning restaurant.
The property was originally built in 1931 and gained instant recognition as an Art Deco masterpiece, serving as the model for the Empire State Building. Throughout the 20th century, the hotel hosted some of the world’s most distinguished public figures, including Winston Churchill, Eleanor Roosevelt, and Elvis. In 1985, the Hilton Cincinnati Netherland Plaza earned both National Historical Register and National Landmark status, becoming a charter member of Historic Hotels of America in 1989.
“To modernize this unique asset, Mr. Power needed to pay off existing debt, provide funds to complete an ongoing PIP, and allow the property’s cash flows to stabilize,” said Mr. Anderman. “Meridian identified a lender who recognized the value in this truly iconic hotel and closed a short-term loan that allowed the sponsor to execute his business plan and position the asset for future fixed-rate financing.”
Cincinnati is located in southwestern Ohio and is home to one of the Midwest’s most prominent centers of business, transportation, and culture. The city’s 2.1 million residents enjoy an attractive cost of living, a growing economy and enjoyable lifestyle filled with local recreational activities and attractions.
Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2017, Meridian closed over 3,000 transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida, and California.