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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.”

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Inside The Story

Meridian Capital's Betesh

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).

  • ◦Financing
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