Dealmaker: Meridian Capital Group Arranges $23M for Co-op, Mixed-Use Assets

Meridian Capital Group, New York, arranged $23 million to refinance two Manhattan assets.

Meridian Managing Director Steve Geller and Vice President Nicoletta Pagnotta secured $20 million in permanent financing to refinance Mill Rock Plaza, a cooperative property on city’s Upper East Side. The 20-year fixed life company loan bears interest at 4.14 percent with full-term interest-only payments.

The 32-story property in the Yorkville neighborhood totals 298 units. Built as a rental property in 1975, Mill Rock Plaza converted to a cooperative in 1985 and underwent a recent renovation. 

“This is the third time Meridian and this borrower partnered to work on the financing of Mill Rock’s underlying mortgage, previously together in 2004 and in 2010,” Pagnotta said. “This loan afforded the co-op loan term-rate security, locking in a highly favorable rate and a 20-year interest-only period with flexibility for additional financing during the loan term.” 

Meridian also arranged $3 million to refinance a mixed-use property in New York’s Chelsea neighborhood. The property at on the northwest corner of Avenue of the Americas and West 25th Street includes two residential units and four commercial units totaling 2,150 feet of retail space. Current tenants include 2 Bros Pizza, Blue Dog Café, Su Spa and Halo Spa.

The 10-year loan from a national balance sheet lender priced at 3.8 percent with a 30-year amortization schedule. Meridian Associate David Oheb negotiated the transaction. 

“Given current treasury market volatility, we set our client up to rate lock on-demand and they did so as soon as the 10-year dropped,” Oheb said. “This strategy enabled them to achieve a highly favorable fixed rate of 3.80 percent for 10 years.” He noted that the loan closed within 60 days.