Half-Empty Office Receives Lifeline Loan

A seven-story office property got a $6.4 million lifeline for repositioning, following the loss of its leading tenant.

Built in 1910, 418 East 71st St. received a five-year loan from a regional balance-sheet lender with a competitive fixed rate of 3.75% and a five-year extension option.

Cornell Medical College, which occupied 69% of the building, had been the main tenant for 20 years. “Since Cornell vacated the building, the sponsors were seeking financing to renovate the building and refinance the existing debt,” said Blake Orman, an associate in the New York City headquarters of Meridian Capital, which negotiated the loan. “Meridian was able to negotiate new financing that will allow them to reposition the property.”

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