NEW YORK CITY-An entity controlled by RFR Realty has lined up $160 million in syndicated financing for 980 Madison Ave., an office building on Manhattan's Upper East Side. Meridian Capital Group negotiated the loan on behalf of 980 Madison Owner LLC.
The seven-year financing was provided by a syndicate of three banks, with a fixed-rate of 4.125% and includes a three-year extension option. New York Community Bank was the agent and led the deal with a $90- million portion of the loan. Bank United and Customers Bank rounded out the syndicate, taking $40 million and $30 million, respectively.
“Due to the size and complexity of the transaction, it was imperative that Meridian coordinate efforts with New York Community Bank, Bank United and Customers Bank in structuring this deal so that all three lenders were ready to fund simultaneously in order to meet the borrower's timeline,” says Terry Baydala, managing director and head of structured finance at Meridian. Baydala and managing director Max Herzog, both based in New York City, arranged the loan.
The six-story 980 Madison is located at the intersection of Madison Avenue and East 76th Street, across the street from the Carlyle Hotel. It encompasses 14,650 square feet of ground-floor retail space with tenants that include Rebecca Taylor and Douglas Elliman, 100,270 square feet office and gallery space above; and 16,100 square feet of lower-level space below street level.
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