Meridian Capital Group, America’s most active dealmaker, arranged $49 million in financing to refinance an office building in the midtown south neighborhood of New York, NY, on behalf of a long-term client.
The five-year loan, provided by a savings bank, features two years of interest-only payments. This transaction was negotiated by Meridian Executive Vice President, Jeff Weinberg, and Senior Managing Director, Rael Gervis, who are both based in the company’s New York City headquarters.
232 Madison Avenue is a 16-story, 132,000 square foot office building located on the corner of Madison Avenue and East 37th Street. The property is in close proximity to a plethora of Manhattan’s top attractions, including the Empire State Building, Bryant Park, the New York Public Library, the Chrysler Building, and Times Square, in addition to a wide variety of shops and restaurants on nearby Fifth Avenue. 232 Madison is easily accessible via the 4, 5, 6, B, D, F, and M subway lines, the Metro-North Railroad at Grand Central, and via the Long Island Rail Road, New Jersey Transit, and Amtrak trains at Penn Station.
“It was important in this transaction to maintain the prepayment penalty and structural flexibility available through a bank balance sheet execution,” said Mr. Weinberg. “Further, we sought the appropriate balance between proceeds and pricing, and were able to achieve these outstanding results given the highly-capable sponsorship and the strong location and quality of the property.”
Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2017, Meridian closed over 3,000 transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property. Since inception, the company has closed more than $300 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com