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New York & Tri-State   /   January 22, 2021

Paul Bubny
By: Paul Bubny

Midtown Office Owner Secures Refi Loan

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. 

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About the Author

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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