Meridian Capital Group, America’s most active dealmaker, negotiated $12.5 million in financing for the acquisition of the Plantation Pointe shopping center located in Plantation, FL.
The 11-year loan, provided by a national life insurance company, features a fixed rate of 3.87%. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky, who is based in the company’s Boca Raton, FL office.
Plantation Pointe, located at 7500 West Sunrise Boulevard, is comprised of three one-story retail buildings totaling 17,502 square feet. This center is situated in a densely populated area of Plantation, with over 85,000 people residing within a two-mile radius and two major regional retail power centers within 3.5 miles. The heavily trafficked intersection of North University Drive and West Sunset Boulevard that borders Plantation Pointe has 93,000 cars passing daily. The area has a strong daytime population of 30,000 employees, and 3,000 more will be housed in an adjacent office campus. The property’s tenant is composed of several national retailers including Chipotle Mexican Grill, Pieology Pizzeria, Panda Express, The Habit Burger Grill, McAlister’s Deli, AT&T, Starbucks, and Walgreens.
“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,” said Mr. Kaminetzky. “Meridian worked with the lender to structure the loan, obtain a forward rate lock, and close the loan with conditional payments from tenants.”
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