Signature Bank has provided a $40 million loan to refinance three vacant commercial properties in the Financial District owned by the The Moinian Group, Commercial Observer has learned.
The 12-month land loan features two six-month extension options and a prime-based floating rate.
Meridian Capital Group’s Drew Anderman and Alan Blank negotiated the debt. Officials at the brokerage declined to comment on the lender’s identity.
“This loan was structured with no prepayment penalty, therefore providing maximum flexibility to the borrower as they proceed with their development plans for the site,” Anderman commented in prepared remarks.