Bernstein Real Estate Obtains $60M Refi for NYC Asset
- Jan 11, 2021
Bernstein Real Estate has received a $60 million loan to refinance a 175,000-square-foot office building in New York City. Meridian Capital Group worked with a regional lender to arrange the five-year loan, with a fixed rate of 3.5 percent and one five-year rollover option. According to CommercialEdge data, Bernstein acquired the asset in 2008, for $60 million.
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Built in 1928 and renovated in 2004, the 17-story property features 9,000 square feet of retail. Notable tenants include LIM College, TransPerfect and AT&T.
Located at 216 E. 45th St. in Midtown East, the property is within 13 miles of John F. Kennedy International Airport. The surrounding area benefits from several public transportation options, including the 4, 5, 6, 7, and S subway lines, as well as the Metro North at Grand Central.
Meridian’s financing team included Managing Director Allan Lieberman, Senior Managing Director Rael Gervis and Vice President Eli Finkel. In August 2020, Meridian arranged $187 million in financing for the development of a Class A office tower in Philadelphia.