Meridian Capital Group, America’s most active dealmaker, arranged $22 million in financing for the refinance of the Flagler West Corporate Center in Miami, FL on behalf of Allstate Florida Development, LLC.
The seven-year loan, provided by a New York-based balance sheet lender, features a rate of 4.75% and a 30-year amortization schedule. Meridian Senior Managing Director, Israel Schubert, and Vice Presidents, Sol Spitzer and Scott Forbes, negotiated this transaction.
“We are very proud to have closed this transaction for this long-standing and well-respected client of the firm,” said Mr. Schubert. “Meridian leveraged our strong relationship with the lender to close this unique deal. Allstate has invested significant capital into the property since they acquired it, and as a result it has become one of the most desirable buildings in the area. Many of the existing tenants have expanded and appreciate the dynamic ownership and building.”
Located at 8700 West Flagler Street in Miami, FL, Flagler West Corporate Center spans 147,000 square feet and consists of a four-story office building with onsite management and a coffee shop, a one-story retail building featuring tenants such as Panda Express, Di Papas Pizza, Stylish Nail Bar & Lounge, and Sprint, and a standalone CVS. The property is in close proximity to key residential areas, including Kendall, Coral Gable, and Miami Lakes, and is located within minutes from Miami International Airport, State Road 836, and the Florida Turnpike.
“It was a pleasure working with Allstate Florida Development, LLC on the refinancing of Flagler West Corporate Center,” said Mr. Forbes. “We worked seamlessly with the new and existing lenders to navigate many moving parts and satisfy the defeasance timeline. We are pleased to have been able to complete the transaction quickly and meet our client’s needs.”
“As clients of Meridian Capital Group since its inception, we couldn’t be more pleased with the loan outcome. Meridian and the lender teamed up to produce a loan that met and exceeded our expectations,” noted Mr. Harry Spitzer, Director at Allstate Florida Development, LLC. “As we are expanding our market reach beyond our New York City origins into Florida and other markets, Meridian has been a true partner and we have been able to leverage their unique and real time analytics and understanding of various markets.”
Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com