NEW YORK — Meridian Capital Group has arranged a $310 million CMBS loan for the refinancing of two adjacent office and retail properties spanning a full block on Fifth Avenue in New York. The Moinian Group is the borrower. The 10-year loan features a fixed rate below 4 percent. A national CMBS lender provided the loan.
Meridian’s Drew Anderman, who is based in the company’s New York City headquarters, negotiated the transaction. The 36- and 13-story properties, located at 535 and 545 Fifth Ave., respectively, total 437,200 square feet of office space and 85,000 square feet of retail space. The properties are situated on Fifth Avenue between 44th and 45th streets, close to Grand Central Station, which provides access to several restaurants and retail stores.
“Meridian Capital structured a loan that greatly benefited the ownership of this Class A, New York City property,” says Anderman. “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.”
Founded in 1991, Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties.
— Haisten Willis