July 27, 2017
Beekman Tower Holding Company borrowed $70 million to refinance its landmark apartment tower in Midtown Manhattan — even though the building has only partly completed its conversion to corporate housing apartments.
“We negotiated a market rate loan with interest-only payments for more than 10 years, providing ample time to continue the execution of the business plan,” said Steven Adler, managing director for Meridian Capital Group, which arranged the refinancing.
Built in 1928, the owners recently spent $24.2 million to renovate and reposition the building, also known as the Panhellenic Tower. Located at 3 Mitchell Pl., the 26-story, Art Deco skyscraper includes 178 luxury residential and corporate housing units, and 3,500 square feet of ground-floor community and retail space.
For comments, questions or concerns, please contact Bendix Anderson