Meridian arranges $135m in financing for the Holiday Inn Manhattan
NEW YORK CITY, NY— Meridian Capital Group LLC (Meridian) has arranged a $135 million mortgage for the refinancing of the Holiday Inn Manhattan-Financial District.
The Holiday Inn Manhattan-Financial District is a 50-story, limited-service hotel totaling 492 rooms. The hotel is located at 99-103 Washington St. The developers recently completed construction of the property.
Meridian arranged the mortgage on behalf of developers Sam Chang and Jubao Xie. The two-year loan, provided by a national balance sheet lender, features a competitive floating rate with interest-only payments for the full term. Emanuel Westfried, Meridian’s vice president, negotiated the transaction.
According to Westfried, the loan was provided to recapitalize the current sponsorship. The existing debt was $45 million from Cathay Bank.