NEW YORK — Meridian Capital Group LLC has arranged $200 million in acquisition financing for 530 Broadway, an 11-story, 194,500-square-foot mixed-use building in New York City. Meridian arranged the loan on behalf of the buyer, a joint venture led by Wharton Properties. Jeff Sutton, a prominent retail investor in New York City, is the founder and president of Wharton Properties.
Ronnie Levine and Tal Savariego of Meridian Capital Group’s New York City headquarters office arranged the three-year loan through an unnamed national balance sheet lender. The loan features two one-year extension options.
“530 Broadway not only has an irreplaceable location, but its sponsorship is uniquely positioned to execute a value-add strategy over time and capture additional upside from the asset,” says Savariego.
530 Broadway is located at the corner of Broadway and Spring Street and is composed of three interconnecting buildings. Eastern Mountain Sports leases the ground-level retail space at 530 Broadway.
The asset, built in 1900, is located in Lower Manhattan’s SoHo neighborhood and across the street from 529 Broadway, where a venture between Wharton Properties, Aurora Capital Associates and Thor Equities is developing a 34,000-square-foot retail building.
Meridian Capital Group is one of the nation’s largest commercial real estate financing and advisory firms. Since its founding in 1991, the company has arranged more than $164 billion of commercial real estate debt in more than 35,000 transactions in 46 states.
— John Nelson