Meridian Capital Group, America’s most active dealmaker, arranged $32 million in ground-up construction financing for the development of the former Wilmington Galleria Shoppes, a retail project located in the Trolley Square section Wilmington, DE, on behalf of Angela Tsionas of Tsionas Management.
The three-year loan, provided by a regional bank, features a rate of 3.00% over the 30-day LIBOR rate and full-term interest-only payments. This transaction was negotiated by Meridian Vice President, Jim Bologno, who is based in the company’s Iselin, NJ office.
2000 Pennsylvania Avenue, is to become a five-story, mixed-use structure that will house luxury shops and apartments, featuring a swimming pool, patio, and the highest level of services in luxury apartment living. Construction is underway and the anticipated completion of the project is late 2018. The property will consist of 166 residential units, including 91 one-bedroom and 75 two-bedroom apartments, and penthouse units, along with 19,000 square feet of retail space on the ground floor. The parking garage will contain two below-ground levels with 246 spaces and another 68 above ground spaces that residents can access from Pennsylvania Avenue. This will be the property that will bring a new standard of luxury to the Trolley Square, Wilmington market.
“This assignment had a higher level of complexity than a typical construction loan, as it involved a new luxury component, a first in the Trolley Square market,” explained Mr. Bologno. “The success of this transaction is a testament to the client’s exceptional track record of delivering high-quality projects throughout Delaware, as well as Meridian's strong reputation and positive relationships with new and long-term lenders alike.”
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