March 27, 2017
Jacob’s First LLC obtained $150 million in interest-only refinancing for an office tower at 1 W. 34th St.
Wells Fargo and Goldman Sachs provided the conduit loan, which features an interest rate fixed at 4.3%, and low interest-only payments that cover the interest on the loan and pay none of the principal for the entire 10-year life of the loan.
“The existing loan was entering its amortization period, and given the property’s prime location and strong 96% occupancy, Meridian was able to negotiate a new, 10-year interest-only loan,” said Carol Shelby, managing director for Meridian Capital Group, which negotiated the transaction.
The 12-story, 212,000-square-foot property first opened in 1906.
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