Meadow Partners Lands $200M for U.N. Plaza Refi
Cathy Cunningham May 4, 2016, 4:17 p.m.
Meadow Partners has received a $200 million loan to refinance 866 United Nations Plaza, Commercial Observer has learned. The financing was provided by Mack Real Estate Credit Strategies. The property is a 477,000-square-foot mixed-use commercial condominium building in Midtown East.
As previously reported by Commercial Observer, Vornado Realty Trust sold the property to Meadow Partners in December 2013 for $200 million. The transaction was done between affiliates of MRECS and Meadow Partners—Claros Mortgage Trust and 866 U.N. Plaza Property, respectively.
Offices and retail space comprise the six-story base of the building, which includes a parking garage. The residential towers above the sixth floor are not part of MRECS’s collateral. Located directly north of the United Nations campus on East 48th Street, the property spans a full city block from East 48th to East 49th Streets between First Avenue and the Franklin D. Roosevelt Drive, and has 360-degree views of the U.N., the Secretariat Building and the East River.
MRECS has been a very active lender in New York City, completing around $1 billion in lending last year—an amount it aims to double in 2016, according to sources close to the transaction. As previously reported by CO, the lender closed three loans for $70 million, $200 million and $51.2 million to Elie Tahari, Kuafu Properties and a joint venture between Lincoln Property Management and Alcion Ventures, respectively, in October, 2015 alone.
To date, 866 U.N. Plaza has experienced strong sales momentum, with demand driven by sovereign missions that require close proximity to the U.N. campus.
Officials at MRECS and Meadow Partners did not return requests for comment.