NEW YORK CITY-Kew Management Corp. has gotten a $74.5-million refinancing package for three of its office properties in the Madison Square North Historic District, or NoMad. Meridian Capital Group arranged the package, which was provided by a local savings bank, on Kew Management's behalf.
The properties include the Townsend, a 12-story, 97,300 square foot office property at 1123 Broadway; and the St. James, a 16-story, 156,000 square foot office property at 1133 Broadway. Both date from 1896.
For these, Meridian secured a 12-year, $26-million mortgage featuring a fixed-rate of 3.75% for the first seven years as well as a 10-year, $42.2-million mortgage featuring a fixed-rate of 3.375% for the first five years, both provided by a local savings bank. Allan Lieberman, managing director at Meridian, also arranged $6.3 million in financing for Kew's four-story office property with street level retail at 36-40 W. 29th St.
“With low interest rates available and soon maturing terms on the buildings' existing mortgages, Kew's management turned to Meridian to structure a thoughtful recapitalization,” Lieberman says. “We were successful in providing Kew's management with a plan that fully achieves their short- and long-term goals.”
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