By Holly Dutton
Moinian Group has secured $40 million to refinance three vacant commercial properties in the Financial District neighborhood of New York City. Meridian Capital Group arranged the 12-month land loan, provided by a balance sheet lender. The loan features two six-month extension options and a prime-based floating rate.
Meridian Capital Senior Managing Director Drew Anderman and Senior Vice President Alan Blank negotiate the transaction.
Located at 102-110 John St. in Lower Manhattan, the site currently has three vacant four- and five-story commercial buildings with 64,983 total square feet. The development site itself is 14,229 square feet and has more than 250,000 square feet of development rights.
“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,” Anderman said in prepared remarks.
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