NEW YORK CITY—Meridian Capital Group has arranged $200 million in acquisition financing for 530 Broadway—a mixed-use property—on behalf of a venture led by Wharton Properties, A Jeff Sutton Co.
The three-year financing was provided by a national balance sheet lender and features a competitive LIBOR-based spread and two one-year extension options. The transaction was negotiated by Meridian managing director Ronnie Levine and VP Tal Savariego.
The 11-story, 194,500-square-foot property, at the corner of Spring street, is composed of three interconnecting buildings. The property sits directly across 529 Broadway, where a venture between Wharton, Aurora Capital Associates and Thor Equities is developing a 34,000-square-foot retail building.
Says Savariego, “530 Broadway not only has a irreplaceable location but its sponsorship is unique positioned to execute a value-add strategy over time and capture additional upside from the asset. Meridian leveraged its unique relationships and the collective experience and strength of the sponsorship group to negotiate a competitively priced floating-rate balance sheet loan, without syndication risk, that frees cash flow and provides refinancing flexibility as the investment strategy is realized.”
GlobeSt.com is slated to speak with Meridian later today for more detail on this transaction and its sign
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
