NEW ORLEANS-Acquired at the onset of the downturn in a vote of confidence for the city’s future, the 52-story Place St. Charles office tower has gotten a $70-million mortgage financing, has exclusively learned. Meridian Capital Group negotiated the 20-year loan, which was provided by a national insurance company.

“Our client acquired Place St. Charles with future generations in mind and wanted to secure a long-term, fixed-rate loan to match their long-term hold strategy for the asset,” Meridian managing director Tal Bar-Or, based in New York City, says in a statement. He cites “the strength of the sponsorship” and the 1.3-million-square-foot asset’s “best-in class nature,” along with the favorable trends in New Orleans’ CBD, as factors in the lender’s willingness to provide the loan. “The subject financing features a 20-year term and a favorable fixed-rate” of 5%, providing flexibility “to allow the asset to be improved and the relationship to grow,” he adds.

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