Signature Bank Lends $58M on Zar Property’s Midtown Office Buy [Updated]
Cathy Cunningham Feb. 15, 2017, 3:09 p.m.
The five year loan has a 30-year amortization period and was arranged by Meridian Capital Group’s Isaac Filler and Steve Adler.
As The Real Deal reported this morning, Zar Property closed on its $83 million acquisition of the 13-story Midtown office building from Ascot Properties today. The property is located between Broadway and Eighth Avenue and has 163,000 square feet of leasable space, according to CoStar Group.
David Zar, a principal at Zar Property, will handle the building’s leasing in-house, according to a source familiar with the acquisition.
“Zar Property is a great client of Signature Bank,” said George Klett, executive vice president and chairman of the commercial real estate committee at Signature Bank. “They are highly experienced real estate investors. Existing rents at the property are well below the market; therefore there is tremendous potential to increase the cash flow of the property.”
“Meridian was proud to represent a sterling sponsor with an excellent reputation and the financing terms achieved reflect their strength as investors who have an astute understanding of the New York City office market,” Filler said.
Officials at Zar Property declined to comment.
Update: This story has been updated to reflect the full amortization period.