NEW YORK, N.Y. — Meridian Capital Group has arranged $325 million in acquisition financing for the purchase of the leasehold interest in an office property located in New York. Meridian arranged the financing for the borrower, RXR Realty LLC.
GE Capital provided the five-year loan, which includes a fixed interest rate below 3 percent and interest-only payments for the full term. Rael Gervis of Meridian Capital Group’s New York City headquarters negotiated the financing.
The 36-story office property was built in 1987 and is located at 32 Old Slip between Front and South streets. Architect Edward Durell Stone & Associates designed the 1.2-million-square-foot, Class A office tower.
The property’s largest tenant is American International Group, whose 260,000-square-foot lease expires at the end of 2017. Other tenants in the building include Daiwa Capital Markets America, Crystal & CO., the U.S. Department of Education and the United States Census Bureau.
32 Old Slip is located on the Manhattan waterfront directly across from the Pier 11 ferry terminal. The property is within a short walking distance from several subway lines and the Staten Island ferry. The office tower also includes unobstructed views of the East River, Downtown Brooklyn and New York harbor.
RXR Realty is real estate owner, manager, and developer in the New York Tri-State Area. The company operates, develops and acquires Class-A real estate in New York City and the surrounding markets of Long Island, New Jersey, Westchester and Connecticut.
Founded in 1991, Meridian is a debt broker and commercial real estate finance advisory firm. In 2014, the New York-based company closed 3,480 loans totaling more than $30 billion in transaction volume with 175 lenders. Since its inception, the company has closed more than $200 billion in financing.
— Danielle Everson