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Sprawling Harlem Retail Site Nabs Big Financing

100-West-125th-St Located on the corner of 125th Street and Lenox Avenue,100 W. 125th St. is a 200,000-square-foot retail property.

 

NEW YORK CITY—Meridian Capital Group has arranged $125 million of balance sheet and mezzanine financing for a retail property located at 100 W. 125th St.  in Harlem, on behalf of Jeff Sutton/Wharton Properties.

The property, located on the southwest corner of 125th Street and Lenox Avenue, is a 200,000-square-foot six-story retail property in Harlem. Featuring 150 feet of frontage on 125th Street and 200 feet of full-block frontage along Lenox Avenue, the property is an institutional-grade retail property, featuring national and credit tenants, including Whole Foods, Burlington Coat Factory, TD Bank, Olive Garden, American Eagle Outfitters and Raymour & Flanigan.

The property is surrounded by emerging retailers and is situated directly across the street from Marshalls and chef Marcus Samuelsson’s Red Rooster restaurant.

The first mortgage and mezzanine loans, provided by Morgan Stanley and J.P. Morgan, respectively, feature a competitive LIBOR-based interest rates, interest-only payments, and up to five years of term. This transaction was negotiated by Meridian EVP Aaron Birnbaum and VP Tal Savariego, who are both based in the company’s local headquarters.

“Meridian arranged first mortgage and mezzanine financing to repatriate the borrower’s equity and refinance construction financing that Meridian previously arranged for this property,” says Savariego. “The new balance sheet financing provides interest-only payments at a favorable rate and gives the borrower flexibility to continue its operation of the asset.”

 

 

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