Deal map

Meridian Tower, Unit B

Ownership, debt, security and guarantees for an office condominium unit · As of 10 November 2026

Illustrative: names, figures and dates have been changed.

$433.0M
Total debt · senior $365.0M + mezzanine $68.0M
Trace
OwnershipLoanSecurityGuaranteeLeaseAgreement / controlPledged interests
100%100%100%Fee ownerPledge · 100% of Owner interestsMortgage · ALRIntercreditorServices loanGuarantees both loansMaster leaseSpace leaseMaster leaseSubleaseSubleaseHarborline Partners, L.P.SPONSOR · GUARANTOR · TENANTHarborline Realty Corp.GENERAL PARTNER OF SPONSORMeridian Unit Holdings LLCHOLDING COMPANYKeystone Loan ServicesASSET MANAGER (MEZZ)Mezzanine guaranties3 instruments · uncappedGUARANTEEMeridian Mezz Member LLCMEZZ BORROWER · PLEDGORMezzanine loan$68.0M · SOFR + 5.25%MEZZANINEAtlas Trust BankMEZZ LENDER & AGENTSenior guaranties3 instruments · uncappedGUARANTEEMeridian Tower Owner LLCMORTGAGE BORROWER · LANDLORDSenior mortgage loan$365.0M · SOFR + 1.90%MORTGAGENorthgate Bank, N.A.SENIOR AGENT & LENDERLakeshore Bank, N.A.SENIOR CO-LENDERNote A-1$262.5MNote A-2$102.5MUnit B, Meridian TowerOffice condominium unitPROPERTY · COLLATERALSublandlord A LLCMASTER TENANT · FL. 41–44Harborline Partners, L.P.REPEAT · TENANT · FL. 45–46Sublandlord B LLCMASTER TENANT · FL. 52–53Technology Co.SUBTENANT · FL. 41–44Investment FirmSUBTENANT · FL. 52–53

What the structure shows

$433.0M of debt rests on one condominium unit.

A $365.0M senior mortgage loan sits directly on Unit B. The $68.0M mezzanine loan has no lien on the property; its only collateral is a pledge of 100% of the Owner LLC interests, and it is subordinate under the intercreditor agreement.

The sponsor stands behind every layer.

Harborline Partners owns the borrower chain, gives six uncapped guaranties across both loans, and leases floors 45–46 from its own borrower. Sponsor credit (net worth of $350M, liquidity of $60M) is the real backstop.

Both loans are past their confirmed maturity.

Both extended to 2026-02-15. A second option runs to 2027-02-15, but no confirmation that it was exercised is in the documents. As of 10 November 2026 the current maturity is unconfirmed.

The mezz lender's exit runs through the equity, not the building.

Atlas Trust Bank can cure senior defaults, buy the senior loan at par plus accrued interest, or foreclose on the pledged interests. Foreclosure requires a Qualified Transferee and a replacement guarantor.

Open items

  • Northgate and Lakeshore's shares of the senior loan are not stated.
  • No confirmation of the second extension for either loan.
  • Ownership of Sublandlord A LLC and Sublandlord B LLC is not shown.
  • Sublandlord B's floors are described two ways (52–53 and 40–44).
  • The SOFR transition effective date differs between documents (2023-03-08 and 2023-04-01).
  • No preferred equity. The one operating agreement in the documents covers a different property.
  • Jurisdiction of Meridian Unit Holdings LLC not stated; no special-purpose manager named for either borrower.

Debt

TrancheBorrowerLenderAmount ($)RateMaturitySecurity
Senior mortgage loanMeridian Tower Owner LLCNorthgate Bank (agent), Lakeshore Bank365,000,000SOFR + 0.12% + 1.90%2026-02-15*Mortgage on Unit B
Mezzanine loanMeridian Mezz Member LLCAtlas Trust Bank, trustee68,000,000SOFR + 0.12% + 5.25%2026-02-15*Pledge of Owner LLC interests
Total433,000,000

* First extended maturity. A second one-year option runs to 2027-02-15 on each loan; there is no confirmation in the documents that it was exercised.