Meridian Arranges $32M Financing for Midtown Office Building

Kaufman Organization has secured $32.25 million in financing for Kaufman Arcade, a 12-story office building at 132 West 36th Street in Midtown South. 

The 5-year non-recourse loan was negotiated by Morris Betesh, Justin Boruchov, and Jack McPhail of Meridian Capital Group. Constructed in 1922, this 200,000-square-foot building, with ground floor retail, has been managed by Kaufman Organization for over 70 years with a 92% occupancy rate. 

“Despite challenges in the office sector, Kaufman has been able to keep the asset well-occupied through a hands-on management approach and by providing top-tier service to their tenants. Meridian sourced a lender that understood the strength of the asset and sponsorship team behind it and provided a competitive financing package,” said Betesh.