News
FINANCING FEAST
June 21, 2011
| Now starring on Broadway: CMBS in all her glory, and critics are raving. Meridian Capital Group negotiated $180M in financing for 1551 Broadway, the flagship store for American Eagle Outfitters. |
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| The 10-year, fixed-rated CMBS loan was provided by Citi Global Markets and negotiated by Meridian’s Ronnie Levine and Aaron Birnbaum. The unique standalone retail property, the majority owned by Jeff Sutton and leased by the clothier, includes 26k SF of retail space on four levels and over 14k SF of signage that rises 250 feet above street level. (Plenty of room to find the perfect striped popover hoodie.) Ronnie says the financing will allow the owner to retire the property’s floating-rate debt and lock in favorable terms as part of his long-term portfolio strategy (he owns over 100 retail properties throughout Manhattan and the Tri-State). |
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| But Meridian didn’t stop there—it also negotiated a $402M financing package on behalf of Stonehenge Partners and Ivanhoe Cambridge Residential and Public Sector Pension Investment Board for a nine-property portfolio located in Midtown East and West, the Upper East and West Sides, and the West Village. The firm’s CEO Ralph Herzka (pictured at Bisnow's NY Investment Summit in May) and Abe Hirsch arranged the seven-year permanent financing through a New York regional bank. The portfolio includes 1,400 multifamily units, 85k SF of office space, 181k SF of retail space, and 94k SF of parking. |
