New York-based commercial real estate finance firm Meridian Capital Group has arranged a 10-year $105 million loan for an affiliate of J.H. Snyder Co. to refinance the SAG-AFTRA Building at 5757 Wilshire Blvd on the Miracle Mile.
An insurance company provided the loan, which has a fixed rate below 4 percent as well as full-term interest-only payments, Meridian announced.
Seth Grossman, a senior managing director at Meridian, along with vice presidents Steve Edelstein and Jackie Tran, negotiated the deal.
The 11-story, 548,000-square-foot office property also contains 28,000 square feet of retail and restaurant space, including Starbucks Coffee.
J.H. Snyder Co. recently has proposed building a 21-story, 285-unit complex with two levels of underground parking.
“One of the motivations for the refinance was that the new lender approved a lot-split, which now allows the developer to do what they need for the new apartment development,” wrote Jonathan Stern, a managing director at Meridian Capital Group, in an email.
The Screen Actors Guild moved into the building during the 1990s. The property was renamed SAG-AFTRA Plaza in 2015 after the actors union merged with the American Federation of Radio and Television Artists.
Real estate reporter Ciaran McEvoy can be reached at email@example.com or (323) 556-8337.