Meridian Capital Group, America’s most active debt broker, arranged $40 million in financing for the refinance of a retail power center located in Los Angeles on behalf of Decron Properties.
The five-year balance sheet loan, provided by a Citibank, features full-term interest-only payments and a floating interest rate currently near 2%. 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.
The Plant, located at 7864-8010 Van Nuys Boulevard in Los Angeles, is a single-story, 219,922 square foot super regional power center and houses notable tenants Golin Theaters, Ross Dress for Less, Old Navy, Forever 21, GAP, Petsmart and Party City. The Plant is located in a densely populated area with strong regional draw and a daily traffic count of approximately 51,000. The property is also in close proximity to the Interstate 405 Highway and the Interstate 5 Highway.
“The vacancy rate at this property has been minimal historically due largely to the strong location and excellent hands-on management by the Decron team,” explained Mr. Grossman. “More than half of the tenant base of The Plant has been there for 15 years,” he added. “And through 15 years of ownership, the sponsor has consistently invested in the property structure and common areas. They have also upgraded the tenant mix as smaller tenants have rolled, replacing them with nationally recognized franchises and brands.”
Decron Properties (decron.com) serves as one of the premier diversified real estate development firms in the greater Los Angeles area. Decron specializes in acquiring, developing and managing multi-family apartment buildings as well as various types of commercial shopping centers, marinas, and office building. With the completion of this acquisition, Decron owns and manages 6,700 multifamily units across California, as well as 1.5 million square feet of commercial office and retail, in 55 communities.
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