Meridian Capital Group, America’s most active dealmaker, arranged $6.8 million in financing for an office-industrial flex space in San Diego, CA, on behalf of a locally-based private real estate investment company.
The 24-month loan, provided by a balance sheet lender, features interest-only payments and 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 property, located at 10170 Sorrento Valley Road, is a two-story, 40,811 square foot building that is now home to the California headquarters of Lighthouse Strategies, LLC. Well-situated in the Sorrento Valley and Sorrento Mesa submarkets, the property is a short distance from major transportation routes, including Interstate 805 and Interstate 5, and in close proximity to restaurants, cafes, banks, and shopping.
“Just over a year ago we financed the asset after the existing tenant vacated. Since that time, our client quickly reacted and successfully brought in a new tenant to lease the entire space. The minimal downtime is a testament to their ability to be nimble and rapidly respond to changes in the market and at the property level,” said Mr. Grossman. “The new financing provides significant flexibility with maximum optionality over the next several years.”
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