Meridian Capital Group arranges $70 million refinance for 500,000 s/f office tower

Queens, NY Meridian Capital Group has arranged $70 million in financing for a 12-story, 500,000 s/f Class A office property located in Kew Gardens. The five-year, interest-only loan was provided by Citi Bank through a CMBS execution.

Originally constructed in 1989, the property features a structured parking garage with approximately 225 spaces and is currently over 95% occupied. Its diverse tenant roster includes tenants ranging from institutional and credit-rated tenants to various government agencies and local businesses.

Despite the complexities associated with underwriting government tenancy, the lender was ultimately reassured by the property's consistently strong occupancy history and cash flow along with the Sponsor’s nearly four decades of ownership

“This transaction demonstrates that well-located, mission-critical office assets with strong sponsorship and institutional tenancy continue to attract competitive capital,” said Ben Himmel of Meridian Capital Group. “Meridian has been financing this asset since it was a vacant piece of land back in the 1980s.”