Meridian Arranges $200M in Financing for M-U Commercial Property in NYC
- Mar 25, 2014
Meridian Capital Group L.L.C. has arranged $200 million in acquisition financing for the mixed-use commercial building at 530 Broadway in New York, on behalf of a venture led by Jeff Sutton’s Wharton Properties, Meridian announced Monday.
The three-year financing was provided by a national-balance-sheet lender and features a competitive LIBOR-based spread and two one-year extension options. It was negotiated by Meridian Managing Director Ronnie Levine and Vice President Tal Savariego.
Meridian declined to comment further on the transaction.
The 11-story, 194,500-square-foot property consists of three interconnected buildings at the corner of Broadway and Spring Street, directly across from 529 Broadway, where a venture between Wharton Properties, Aurora Capital Associates and Thor Equities reportedly is developing a 34,000-square-foot retail building.
“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,” Savariego said in a release.
Meridian has been busy with pre-war buildings in NYC recently. It arranged $142 million in funding from a CMBS lender for the purchase in late February, by RXR Realty, of a 1913-vintage office building in the Fort Greene area of Brooklyn.