Meridian Capital Secures $116M in NoHo, SoHo

Meridian Capital Group, New York, arranged $116 million to refinance Los Angeles and New York office properties.

In Los Angeles’ North Hollywood neighborhood, Meridian Senior Managing Director Seth Grossman and Vice Presidents Jackie Tran and Steve Edelstein secured $68 million in bridge financing for 179,000-square-foot office building 5250 Lankershim Plaza.

J.H. Snyder Co., Los Angeles, developed the nine-story Class A building in 2009.

“This property has maintained 100 percent occupancy for years, despite coming to market during the peak of the recession,” said J.H. Snyder Co. Senior Partner Mike Wise. He said the property’s performance highlights the strength and improvement of the NoHo submarket over the last decade.

NoHo is a pedestrian-friendly community of contemporary theaters, art galleries and cafes. Nearby entertainment firms including Universal Studios, Warner Brothers, NBC, CBS Studio Center, Nickelodeon Animation and Disney Studios have revitalized the submarket.

“Although there is no current vacancy, the majority of the tenants roll over the next several years,” said Grossman. “It was critical to tailor a loan with ample structure to prepare for that roll while simultaneously maintaining maximum flexibility to allow our client to operate the property on their terms.”

Meridian also negotiated $48 million in commercial mortgage-backed securities financing for an office building in New York’s East Side SoHo neighborhood. SoHo is known for its cast-iron architecture and ornate pre-World War II buildings.

Constructed in 1900, the property at 64 Wooster Street sits on a cobblestone street and houses 10 tenants.

Meridian Vice President Isaac Filler negotiated the 10-year loan with full-term interest-only payments. “Assets such as 64 Wooster are not only iconic but irreplaceable and will continue to be sought by lenders given the high demand and limited supply of boutique office space in SoHo,” he said.