NEW YORK CITY—Meridian Capital Group has negotiated $130 million in permanent financing to refinance two Midtown office properties on behalf of a local sponsor. GlobeSt.com was unable to determine the identity of the sponsor.
The $130 million, seven-year financing package was provided by a regional balance sheet lender and features an interest rate of 3.88%. The transaction was negotiated by Meridian VP David Hayum, who is based here.
The properties are located at 15 W. 47th St. and 22 W. 48th St., just south of Rockefeller Center, and are encumbered by a $75 million mortgage and a $55 million mortgage, respectively. 15 W. 47th St. is a diamond exchange building and both properties have a concentration of diamond and jewelry manufacturers, wholesalers and retailers.
Meridian's past history with the buildings helped to facilitate the transaction, Hayum notes. “Meridian previously arranged a combined $70 million financing package for these properties several years ago and was able to use that knowledge of the assets and the area to efficiently make a market for this credit.”
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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.
