Meridian Capital Group’s Carol Shelby arranged the 10-year mortgage, which carries a fixed rate of 4.31 percent and interest-only payments for the full term. The new loan, which will be securitized in the commercial mortgage-backed securities market, is replacing a $100 million loan that New York Community Bank provided on the 12-story office property in January 2014, property records indicate.
BLDG acquired the property between Fifth Avenue and Avenue of the Americas for $51.5 million in March 2002, according to CoStar Group. It was not immediately clear when Crown bought into the property. It is comprised of three contiguous buildings totalling 212,000 square feet. Ground-floor tenants include women’s retailer Bebe, Duane Reade and Bank of America.
As a result of the building’s location—across from the Empire State Building and down the street from Penn Station—and its 96 percent occupancy, “Meridian was able to negotiate a new 10-year, interest-only loan,” Shelby said through a spokesman.
Representatives for Crown Acquisitions, Goldman Sachs and Wells Fargo declined to comment, while a representative for BLDG did not immediately respond to a call for comment.