{"id":1004233568,"date":"2018-06-05T03:30:00","date_gmt":"2018-06-05T11:30:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004233568"},"modified":"2022-12-09T02:47:41","modified_gmt":"2022-12-09T10:47:41","slug":"meridian-arranges-240m-loan-for-nyc-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/meridian-arranges-240m-loan-for-nyc-office-tower\/","title":{"rendered":"Meridian Arranges $240M Loan for NYC Office Tower"},"content":{"rendered":"<p><em>By Barbra Murray<\/em><\/p>\n<div id=\"attachment_1004233572\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/636-11th-Ave.-in-Manhattan.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004233572\" data-attachment-id=\"1004233572\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/meridian-arranges-240m-loan-for-nyc-office-tower\/636-11th-ave-in-manhattan\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/636-11th-Ave.-in-Manhattan.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;unknown&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"636 11th Ave. in Manhattan\" data-image-description=\"&lt;p&gt;636 11th Ave. in Manhattan&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;636 11th Ave. in Manhattan&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/636-11th-Ave.-in-Manhattan.jpg?w=800\" class=\"wp-image-1004233572 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/636-11th-Ave.-in-Manhattan.jpg\" alt=\"636 11th Ave. in Manhattan\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/636-11th-Ave.-in-Manhattan.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/636-11th-Ave.-in-Manhattan.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/636-11th-Ave.-in-Manhattan.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004233572\" class=\"wp-caption-text\">636 11th Ave. in Manhattan<\/p><\/div>\n<p>Meridian Capital Group has landed $240 million in financing on behalf of The Hakimian Organization, owner of the office building at 636 11th Ave. in Manhattan. Hakimian will use the proceeds from the loan to refinance the 560,000-square-foot property.<\/p>\n<p>Meridian secured Hakimian\u2019s 10-year CMBS loan through JP Morgan Chase Bank N.A., according to New York City records.<\/p>\n<p>Hakimian has owned 636 11th, currently appraised at a value of $428 million, since acquiring the 11-story tower in 2005 for $95 million. Originally developed in 1910 to house the Auerbach Chocolate Factory, the structure was converted from an office\/warehouse property to an office asset in 2007. Today, 636 11th serves as the global headquarters of advertising and public relations firm Ogilvy &amp; Mather, which occupies the building in its entirety under a lease scheduled to expire in 2029.<\/p>\n<p>Hakimian\u2019s new interest-only loan carries a maturity date of 2029 and will replace a $210 million loan held by MUFG Bank.&nbsp;<\/p>\n<h2><strong>Seeking CMBS<\/strong><\/h2>\n<p>Just as industry experts anticipated, <a href=\"https:\/\/www.commercialsearch.com\/news\/under-pressure-while-stable-cmbs-faces-some-headwinds-in-2018\/\">the stable CMBS market<\/a> seen in the U.S. in 2017 has continued into 2018. <em>\u201cCMBS conduit originators have steadily gained market share over the past several quarters, as tightening spreads have allowed them to issue very competitive quotes,\u201d<\/em> according to a first quarter 2018 report by commercial real estate services firm CBRE. The <a href=\"https:\/\/www.commercialsearch.com\/news\/stability-encumbers-cmbs-market\/\">pace of CMBS originations <\/a>actually went on the upswing in the first quarter, accounting for 24 percent of non-agency loan production compared to 21 percent in the fourth quarter of 2017, and 16 percent year over year.<\/p>\n<p>Recent CMBS transactions in the Manhattan office market over the last six months include ZAR property NY\u2019s refinancing of 64-68 Wooster St. with a <a href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-asset-lands-48m\/\">$48 million loan arranged by Meridian<\/a> through Citi Real Estate Funding.<\/p>\n<p><em>Image courtesy of Meridian Capital Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Hakimian Organization will utilize the proceeds to refinance 636 11th Ave., a 560,000-square-foot property fully leased to advertising and public relations firm Ogilvy &amp; Mather. <\/p>\n","protected":false},"author":969,"featured_media":1004233572,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10,21747],"tags":[32789,35826,32972,33375,40570],"class_list":["post-1004233568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-cbre","tag-cmbs","tag-jp-morgan-chase-company","tag-meridian-capital-group","tag-the-hakimian-organization"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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