One Lincoln Center Lands $21M in Financing
- May 30, 2017
Zamir Equities received $21 million in financing for One Lincoln Center, a 19-story office tower located at 110 W. Fayette St. in Syracuse, N.Y.
The loan comprises a $19 million acquisition mortgage and $2 million financing used for the repositioning of the property. The deal was negotiated by Meridian Capital Group Vice President Steven Edelstein, Managing Director Steven Adler and Vice President Luke Hingson. Zamir Equities purchased the asset for $25.3 million, after it traded for $41.5 million in 2015, according to PropertyShark data.
“Thanks to the sponsor’s strong track record, Meridian was able to structure a financing solution that provided maximum leverage for the acquisition and repositioning of the property, while also securing below market pricing,” Hingson said in a prepared statement.
The 305,594-square-foot office building was erected in 1970 and recently went through a multi-million dollar renovation featuring a new lobby, common areas and conference room, fitness center, elevators and improved HVAC system. The asset is located close to main roads such as Interstate 81 and Interstate 690, providing easy access throughout the area and to New York City. It is also in close proximity to retailers, restaurants, entertainment centers, Syracuse City Court and Syracuse University. The building is 86 percent leased to notable tenants such as J.P Morgan Chase, Bond, Schoeneck & King, CadaretGrant, Arcadis and Earthlink.
Image courtesy of Zamir Equities