Debt broker Meridian Capital Group arranged $28.5 million in CMBS financing for the refinance of a retail condominium at 166 Geary Street located in downtown San Francisco, CA, on behalf of Elliot, Gabriel and Ike Chehebar of The Jackson Group.
The 10-year, full-term interest-only CMBS loan, provided by Citigroup, was negotiated by Meridian Managing Director, Shaya Ackerman and Senior Vice President, Shaya Sonnenschein, who are both based in the company’s New York City headquarters.
The retail condominium is located at 166 Geary Street and totals 12,713 square feet of retail space. Notable tenants include Jimmy Choo, Suit Supply and La Perla. 166 Geary Street presented a unique opportunity to refinance the retail condominium portion of a prime asset in Union Square, which is the central shopping, hotel and theater district and runs parallel to Haight Street, a main retail corridor in downtown San Francisco.
The property is situated directly across from the Neiman Marcus entrance at one of the busiest pedestrian intersections in San Francisco. 166 Geary Street features two sides of retail frontage and is Union Square’s second tallest building, offering panoramic views in all directions.
“This site is well-known on both coasts of the United States and we are excited with the financing results Meridian provided,” says Elliott Chehebar, Senior Partner of The Jackson Group.
“This luxury retail condominium, with its central location and its strong tenants, was well-suited for a CMBS loan,” explained Mr. Ackerman. “With a tight spread and 10 years of interest-only payments, Meridian was able to achieve favorable terms for the client,” he added.
Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California.