$20M Refi for Single-Tenant Office Building

The owners of an office building in the Williamsburg neighborhood of Brooklyn, NY managed to get an attractive refinancing — even though the only tenant at 731 Flushing Avenue is a New York City agency that has the right to leave at any time.

Owners 731 Flushing Avenue Associates, LLC, received a five-year, $20 million, non-recource loan with a fixed interest rate of 3.6% from a New York-based bank.

“Despite the single-tenant occupant and the New York City lease termination clause, Meridian was able to structure alternative risk safeguards for the lender to approve a non-recourse loan,” said Allan Lieberman, managing director for Meridian Capital Group. “Furthermore, the borrower will benefit from a significant cash-out and an attractive rate.”

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