Urban Standard Capital (USC) has provided a $20-million refinance loan to Meyer Equities, the longtime owner of 265 W. 37th St., to facilitate a partner buyout and pay for tenant improvements and leasing costs at the 23-story Midtown office/retail building.
The loan will allow Meyer Equities to buy out its long-term partner and take advantage of favorable tax benefits ending in 2020 on the 263,349-square-foot building on Eighth Avenue in the Garment District.
Meyer Equities has owned the building for more than 30 years and plans to use the funds to re-stabilize the asset with new tenants and extensions on existing tenants, according to USC’s Charlie Brosens, who arranged the interest-only, 24-month financing at 5.25%.
“USC was able to close this loan less than 30 days from the signing of the term sheet and the closing was entirely remote,” said Brosens.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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