Moinian gets $310M loan for Fifth Avenue buildings

Morgan Stanley originated the CMBS financing for Midtown office properties

New York /
Feb.February 23, 2015 01:00 PM

The Moinian Group secured a $310 million CMBS loan from Morgan Stanley for Two Adjacent Office Buildings On Fifth Avenue.

The 36-story office building at 535 Fifth Avenue houses global conference-planning firm IQPC on the ground floor, while a 13-story building at 545 Fifth Avenue is where the National Basketball Association recently signed a lease for a permanent flagship store, the New York Observer reported. Located between 44th and 45th streets, the buildings together have 437,200 square feet of office space and 85,000 square feet of retail space.

The loan, brokered by Drew Anderman of Meridian Capital Group, has a fixed interest rate under 4 percent and replaces a debt provided by Column Financial in 2006, according to the newspaper.

“Meridian structured a loan that greatly benefited the ownership of this class-A New York City property,” Anderman said. “We took advantage of the historically low interest rates and closed the financing prior to the 545 Fifth Avenue corner lease, while the remaining portion of the retail space is being retrofitted and repositioned to be re-tenanted.” [NYO] — Tess Hofmann

 

Related Articles

arrow_forward_ios
Joe Moinian with 123 Linden Blvd (The Moinian Group)
Moinian nabs $223M refi for Flatbush apartment complex
Moinian nabs $223M refi for Flatbush apartment complex
(Moinian Group, CVS)
CVS signs lease for 512 7th Avenue store
CVS signs lease for 512 7th Avenue store
Joe Moinian and Marc Holliday with a rendering of 605 West 42nd Street (Moinian, SL Green, Hill West Architects)
Moinian deal with SL Green values Sky apartments at $850M
Moinian deal with SL Green values Sky apartments at $850M
Holiday Inn at 37-10 114th Street in Corona, Queens (Google Maps)
Holiday Inn next to LaGuardia Airport faces foreclosure
Holiday Inn next to LaGuardia Airport faces foreclosure
Meridian Capital Group CEO Ralph Herzka, Former Freddie Mac CEO David Brickman and  Barings CEO Mike Freno (Herza by Studio Scrivo; Brickman by Freddie Mac; Freno via Barings)
Ex-Freddie Mac boss looks to become top agency-backed CRE lender
Ex-Freddie Mac boss looks to become top agency-backed CRE lender
Former Freddie Mac CEO David Brickman and Meridian Capital Group CEO Ralph Herzka (Freddie Mac; Herza by Studio Scrivo)
Ex-Freddie Mac CEO launching lending platform with Meridian, Barings
Ex-Freddie Mac CEO launching lending platform with Meridian, Barings
Ed Adler and Wendy Silverstein (Getty)
Wendy Silverstein, Ed Adler launch loan restructuring biz
Wendy Silverstein, Ed Adler launch loan restructuring biz
Tel Aviv Stock Exchange bull (Wikimedia Commons)
NYC developers face downgrades on Israeli bond market
NYC developers face downgrades on Israeli bond market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...