Meridian Capital Group, America’s most active dealmaker arranged $31.3 million in balance sheet financing for the acquisition of the Park West mixed-use retail center located in Peoria, AZ on behalf of CIRE Equity.
The three-year loan, provided by a balance sheet lender, features a floating rate and full-term interest-only payments. This transaction was negotiated by Meridian Managing Director, Seth Grossman, and Vice President, Jackie Tran, who are both based in the company’s Carlsbad, CA office.
Park West is an approximately 250,000 square foot mixed-use retail center, located at the northwest corner of Arizona Loop 101 and Northern Avenue in the Phoenix submarket of Peoria, AZ. The 46-acre center consists of a variety of entertainment venues, restaurants, shops, and commercial service spaces, including notable tenants, Harkins Theater, Victoria’s Secret, Bed & Body Works, Chico’s, Vans, BJ’s Restaurant and Flemings. The property is in close proximity to Phoenix’s central business district and is located just west of Glendale. Northern Avenue is a prime east/west thoroughfare connection to Loop 303 and once the planned overpass is completed, it will serve as the main connector, linking Loop 303 to Loop 101 and U.S. Route 60.
“The quality of the center is phenomenal and the price our client paid is significantly below replacement cost,” said Mr. Grossman. “In collaboration with the client, Meridian was able to demonstrate a clear path to significant upside, including leasing vacant space, extending existing short-term leases, and outlining the potential future development of many interior pad sites and additional developable land,” he added. “The lender understood the vision, and CIRE Equity’s track record, which helped ensure a smooth execution from start to finish.”
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