Meridian Arranges $150M Refi for Manhattan Asset
The 212,000-square-foot retail and office property is located across from the Empire State Building.
By Bogdan Odagescu, Associate Editor
1 W. 34th St.
New York—Meridian Capital Group arranged the $150 million refinancing of 1 W. 34th St., a 12-story retail and office property in Midtown Manhattan.
Wells Fargo and Goldman Sachs provided the 10-year CMBS financing, which features full-term, interest-only payments and has a 4.31 percent fixed rate. Carol Shelby, managing director with Meridian’s New York headquarters, worked on behalf of BLDG Management and Crown Acquisitions.
“The existing loan was entering its amortization period and given the property’s prime location and strong 96-percent occupancy, Meridian was able to negotiate a new 10-year, interest-only loan,” said Shelby in prepared remarks.
Built in 1906, the 212,000-square-foot property is located across the street from the Empire State Building. The asset encompasses 88 office and three retail spaces, also offering 250 feet of prime frontage along 34th Street, between Fifth and Sixth avenues. Situated midway between Penn Station and Grand Central Station, 1 W. 34th St., is also within walking distance of both Madison Square Park and Bryant Park, offering street exposure and several public transportation options.
Image courtesy of Meridian Capital Group
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