Meridian Arranges $28M Financing on Four-Building Office Portfolio
Meridian Capital Group arranged $28 million in financing for four retail and office properties in Manhattan. Totaling 164,675 square feet, the properties are located at 9 E. 19th St., 18-20 W. 21st St., 135-141 W. 20th St. and 110-112 W. 27th St. in the Chelsea and Flatiron neighborhoods.
The transaction was negotiated by Meridian senior managing director Morris Betesh and SVP Alex Bailkin, who are based in the company’s New York City headquarters. Ian Lester and Allen Schifino of Lester Bleckner and Shaw LLP were legal counsel on behalf of the sponsor.
“Financing office properties in New York City has become increasingly difficult,” said Betesh. “However, with our broad base of lender relationships, we were able to source an insurance company to write a low-leverage loan on these quality assets.”