NEW YORK CITY—Samson Management has refinanced a Midtown multifamily building that also features nearly 3,000 square feet of space. The property owner has secured a $30 million mortgage on 15-17 Park Ave., on the Northeast corner of 35th St. and Park Avenue. The seven-year loan, provided by a regional balance sheet lender, features a competitive fixed-rate of 3.50% and interest-only payments for the full term.
It was negotiated on Samson's behalf by Meridian Capital Group EVP Avi Weinstock and VP Chaim Tessler, both based in the company's headquarters here.
The 16-story, 97-unit multifamily property features 2,810 square feet of office space. The property was designed and built in 1924 by Fred French and is in the Murray Hill neighborhood of Manhattan, within walking distance of Grand Central Station and Herald Square. This central location also avails tenants of the amenities, restaurants and nightlife in the popular area.
“Meridian was able to create competition in the marketplace for this loan based on the sponsorship, location and quality of asset. By doing so, we achieved a favorably priced and flexible structure that maximizes cash flow through a seven-year interest-only period,” says Tessler.
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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.
