Manhattan’s Beekman Tower Lands $70M Refi
Meridian Capital Group arranged the 10-year CMBS loan for the 26-story Art Deco building. The property recently underwent a $24.2 million renovation to reposition it as corporate housing.
By D.C. Stribling, Contributing Editor
Meridian Capital Group has arranged $70 million to refinance Beekman Tower, a mixed-use property located in the Midtown East neighborhood of Manhattan. The 10.5-year loan, provided by a national CMBS lender, features full-term, interest-only payments.
Beekman Tower, located at 3 Mitchell Place, is a 26-story, 114,000-square-foot art deco building with a 10-story annex connected via the ground and second floors of the main tower. The property consists of 178 residential and corporate housing units and 3,500 square feet of ground-floor retail space.
Common amenities include a fitness center, conference room, and a rooftop lounge offering panoramic views of Manhattan, which will be leased and operated by a restaurant and hospitality firm. Built in 1928 as Panhellenic Tower, the property recently underwent a $24.2 million renovation to reposition it as corporate housing apartments.
The apartments are currently managed by Bridgestreet Global Hospitality. Residents of the property enjoy close proximity to various retail destinations, restaurants, and the transportation hub at Grand Central Terminal.
The refi was negotiated by Meridian Managing Director Steven Adler and Vice President Simcha Schick, both based in the company’s New York City headquarters. The borrower was represented by the Schneider Law Group.
Image courtesy of Bridgestreet Global Hospitality