Dealmaker: Meridian Capital Group Secures $63M for Mixed-Use, Retail Assets
Michael Tucker email@example.com
Meridian Capital Group, New York, arranged $62.5 million for mixed-use and retail assets in New Jersey and Florida.
In Iselin, N.J., Meridian Senior Vice President Emil DePasquale secured arranged $50 million in construction financing for SAMTD Woodbridge LLC to develop The Grande at Metro Park mixed-use property.
The 36-month construction loan from two regional balance sheet lenders floats based on the LIBOR and includes full-term interest-only payments with two 12-month extension options.
The Grande at Metro Park at 3 Ronson Road will have three five-story buildings with 232 rental units and 8,200 square feet of Class A retail space. The developer also plans a second phase that will increase the total units in the development to 355.
DePasquale noted the loan included favorable terms including limited recourse and a flexible prepayment premium. He said Meridian identified a participant lender that will provide for an expanded relationship with the borrower in the future.
In Plantation, Fla., Meridian Managing Director Noam Kaminetzky negotiated $12.5 million in financing for Plantation Pointe shopping center. A life insurance company provided an 11-year loan at a 3.87 percent fixed rate.
"This was a very interesting deal since the asset was newly constructed, had no historical data and not all of the tenants were in place and paying rent at closing," Kaminetzky said. "Meridian worked with the lender to structure the loan, obtain a forward rate lock and close the loan with conditional payments from tenants."
Plantation Pointe at 7500 West Sunrise Boulevard includes three one-story retail buildings totaling 17,500 square feet. There are more than 85,000 people residing within a two-mile radius and two major regional retail power centers within 3.5 miles. Property tenants include Chipotle Mexican Grill, The Habit Burger Grill and Walgreens.