Deal of the Week
Sep 24, 2008 11:22 AM
Meridian Capital Group arranged a $285 million loan to refinance 717 Fifth Ave., a 115,630-square-foot retail/office condo in New York City. The loan, which featured a LIBOR-based floating rate and a five-year term, was placed with Greenwich Capital. David Rosenberg, who negotiated the loan on behalf of Meridian, said securing the financing was challenging, but Greenwich Capital realized the value of the property’s location in the heart of Midtown.
“It was definitely choppy and took about three months, but it’s one of the best retail locations maybe in the world,” he noted.
The space is currently occupied by Escada and a few smaller retailers, and will become home to an Armani flagship store.
Other Notable Deals
David Cronheim Mortgage Corp. arranged the sale of a 216,519-square-foot Super Wal-Mart leased parcel at Republic Plaza in Farmingdale, N.Y. for $42.8 million... Marcus & Millichap Real Estate Investment Services negotiated the sale of Rockaway Plaza, a 104,549-square-foot shopping center in Rockaway, N.J., for $16.1 million… Faris Lee Investments negotiated the $7.7 Million sale of a 12,610-square-foot single-tenant retail property in Arcadia, Calif. in a 1031 exchange. The property is occupied by Walgreens…Plaza Advisors negotiated the sale of Selmon’s Plaza, a 56,668-square-foot shopping center in Largo, Fla. to CRI Plaza 1, LLC.
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