Meridian Capital Group has successfully secured a $20 million refinancing deal for an office building in NoHo, on behalf of Albert Malakan. The 5-year CMBS loan, with non-recourse terms and full-term interest-only payments, was expertly negotiated by Jacob Schmuckler and Meir Schlusselberg. Citi Bank provided the financing under the leadership of Eric Mirvis.
The property at 419 Lafayette Street is a historic 8-story office building with a penthouse that dates back to 1894. It boasts over 75,600 square feet of space including ground-floor retail units.
According to Schmuckler, there is currently a trend where lenders are becoming more cautious in the office sector but still willing to provide capital for experienced borrowers with proven track records. This particular property stands out as it is impeccably maintained and showcases the sponsor’s commitment towards enhancing its value within NoHo area.
This news was originally published on Connect CRE website.
