NEW YORK — Meridian Capital Group has arranged $180 million in financing for the Club Row Building office property located in Midtown Manhattan on behalf of APF Properties. A global investment bank provided the CMBS loan, which features interest-only payments for the entire 10-year term and a fixed rate in the mid-4 percent range.
“We are pleased to have worked with APF Properties, a leading institutional sponsor, to facilitate the financing used to assume full control of this historic asset and continue its dominance of the best-in-class-B+ office niche in the Grand Central area,” says Tal Bar-Or, managing director in Meridian’s New York City headquarters who negotiated the transaction.
The 22-story Club Row Building is located at 28 W. 44th St., between Fifth Avenue and Avenue of the Americas. The property totals 372,000 square feet and features 14,600 square feet of retail on West 44th and West 43rd streets. This section of West 44th Street is known as Club Row, and is one block north of Bryant Park. Club Row is one of the most prestigious streets in the heart of Midtown Manhattan, according to Meridian.
The building recently underwent more than $9 million in capital improvements, including a new lobby and entrances designed by architect MdeAS, fully modernized elevators, new public corridors and bathrooms, new windows, a tenant bicycle storage room, new HVAC equipment and a façade restoration.
The arcade-style lobby was recently restored to incorporate the classic architectural aspects with a clean, modern look. The Club Row Building was awarded LEED Gold certification in August 2014. City College of New York (CUNY) and Emerge212 Boutique Space are tenants at the building.
Founded in 1991, Meridian Capital Group is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Meridian arranges financing for real estate investors and developers.
— Danielle Everson