February 21, 2018
The Zar Group borrowed a total of $210 million from Goldman Sachs to refinance its 42-story office property at 1450 Broadway in Midtown’s Times Square neighborhood.
“Bobby Zar and his team have personally invested themselves in the successful repositioning of this property from a new lobby to pre-built suites,” said Tal Bar-Or of Meridian Capital Group, who with Richard Sutton negotiated the loan.
The five-year balance sheet loan features full-term interest-only payments. “During this process, there were several lenders offering much higher proceeds, though the team chose to go with moderate leverage while still building a large capital base for future acquisitions,” said Bar-Or.