Meridian Capital Group has successfully secured a $20 million refinance for an office building in NoHo on behalf of Albert Malakan. Negotiated by Jacob Schmuckler and Meir Schlusselberg, the 5-year non-recourse CMBS loan offers full-term interest-only payments and was provided by Citi Bank, led by 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 an impressive total area of 75,600 square feet, including ground-floor retail space.
According to Schmuckler, there is currently a trend where lenders are becoming more conservative and cautious in the office sector. However, experienced borrowers with proven track records can still access capital. This particular building stands out due to its excellent condition and serves as evidence of the sponsor’s commitment to both the property itself and its contribution to the thriving NoHo area.
This financing arrangement marks yet another successful transaction for Meridian Capital Group as they continue their mission of connecting qualified borrowers with suitable lenders in various real estate markets across the country.
