New York, NY – May 29, 2015 – (RealEstateRama) — Meridian Capital Group, America’s most active debt broker, negotiated $60 million in financing for the purchase of the flagship retail cooperative property located at 85 Fifth Avenue in New York, NY on behalf of Jeff Sutton’s Wharton Properties, General Growth Properties, and Maguire Capital.
The three-year loan, provided by Wells Fargo, features a competitively priced LIBOR-based floating rate and loan extension options. This transaction was negotiated by Meridian Capital Group Executive Vice President, Aaron Birnbaum, and Vice President, Tal Savariego, who are both based in the Company’s New York City headquarters.
The retail property, located on the northeast corner of Fifth Avenue and East 16th Street, totals 12,960 square feet of retail space and houses an Anthropologie store. Conveniently situated in the heart of a prime section of lower Fifth Avenue, one block west of Union Square, the location offers easy access to numerous subway lines, as well as highly-acclaimed restaurants and leading retailers. In addition, the corner property features excellent visibility and an architecturally distinctive façade that is uniquely desirable among the surrounding retail.
“The floating-rate balance sheet financing features a competitive interest rate coupled with prepayment rights and extension options, providing maximum flexibility as the sponsors work toward executing their value-add business plan for this unique asset,” said Mr. Savariego.
Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. 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. www.meridiancapital.com
