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Meridian Arranges Land Loan for Moinian on FiDi Properties
Meridian Capital Group has arranged $40 million to refinance three contiguous, vacant Financial District properties on behalf of the Moinian Group. The 12-month land loan, provided by a balance sheet lender, features two six-month extension options and a prime-based floating rate.
This transaction was negotiated by Meridian senior managing director Drew Anderman and SVP Alan Blank. “This loan was structured with no prepayment penalty, therefore providing maximum flexibility to the borrower as they proceed with their development plans for the site,” said Anderman.
Located at 102-110 John St., the site currently houses three vacant four- and five-story commercial buildings with a total gross square footage of 64,983. The development site itself spans 14,229 square feet, and has more than 250,000 square feet of development rights. Moinian reportedly plans a 37-story tower on the site.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development