1790 Broadway Associates, the owners of Five Columbus Circle in New York, NY, has secured a $55 million refinancing loan on the office and retail property. Meridian Capital Group negotiated the senior loan, provided by a national balance sheet lender and featuring a 10-year term with full-term interest-only payments and an interest rate of 3.45%. 1790 Broadway Associates, LLC, an entity controlled by the Ionian Group, run by Sofia Milonas and Claire Milonas, and The Red Apple Group, run by John Catsimatidis.
"There was tremendous liquidity in the market for this transaction given its location and stable operating history," said Meridian Managing Director, Aaron Appel. "The lender won the deal by offering a competitive interest rate and at the same time providing structural flexibility rarely seen in long term fixed rate debt products."
Five Columbus Circle is located at 1790 Broadway and features 8,700 square-feet of street level retail. The property is 96.5% leased, with major tenants including Columbia Artists Management, Columbia University, Fordham University and HSBC in the retail portion.
For more news and information visit Blumberg Capital Partners.
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