New York & Tri-State + Midtown New York + Finance | February 23, 2023

Meridian Arranges $119M Financing on Trio of Manhattan Properties

Meridian Capital Group arranged $118.5 million in financing for three Manhattan properties: the Theater House, 315 Fifth Ave. and 114 W. 86th St. The 10-year interest-only loan was negotiated by Meridian SVP Simon Rosenfeld.

Located at 237 E. 34th St., the Theater House is a 22-story residential tower at the nexus of Manhattan’s Murray Hill and Kips Bay neighborhoods. 315 Fifth is a 12-story, mixed-use building with three floors of retail space and nine floors of office space. 114 W. 86th is a 17-story elevator apartment building located on Manhattan’s Upper West Side.

“This loan presented several major challenges that took focus and creativity to solve,” said Rosenfeld. “The properties were still recovering from COVID rent spikes coupled with the rising interest rate market, which required us to strategize a unique solution. We successfully structured a CMBS loan coupled with a rate buy-down and two levels of mezz debt to attain the required proceeds needed to close.”

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About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).