NEW YORK CITY—Meridian Capital Group has negotiated a $51.5 million mortgage to recapitalize an office property located in Midtown on behalf of Bernstein Real Estate.? The seven-year loan, provided by a regional balance sheet lender, features a competitive fixed-rate of 3.88%. It was negotiated by Meridian Capital Group managing director Allan Lieberman.
The 17-story office building, at 216 E. 45th St. between Second and Third avenues, totals 160,000 square feet and is 100% occupied. Notable tenants include LIM College and AT&T.
“Meridian structured the loan to minimize the initial debt service and accommodate several signed leases whose rent payments commence later in the year,” says Lieberman. “The lower interest rate and new cash out will enable our client to recoup costs associated with recent and ongoing capital improvement projects.”
Founded in 1991, Meridian Capital Group 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
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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.
