Meridian Capital Group, America’s most active dealmaker, arranged $68 million in bridge financing for a class-A office building located in the North Hollywood (NoHo) area of Los Angeles, CA, on behalf of J.H. Snyder Company.
Meridian Senior Managing Director, Seth Grossman, Vice President, Jackie Tran, who are based in Meridian’s Carlsbad, CA office, and Vice President, Steve Edelstein, who is based in Meridian’s New York City headquarters, negotiated this transaction.
5250 Lankershim Plaza is a state-of-the-art, LEED-Gold certified, nine-story, 179,000-square-foot office building with an adjacent six-story, 723-space parking garage. The property was developed in 2009 by current owner J.H. Snyder Company, one of the nation’s leading builders and real estate innovators for more than 60 years. The company has successfully built, leased and sold more than four million square feet of office space, two million square feet of retail development and 41,000 residential units. 5250 Lankershim Plaza is the premier class-A office space in North Hollywood and is currently 100% occupied by seven tenants, including Kaiser Permanente, Regus, and the Art Institute of California.
The property is advantageously located in the NoHo Arts District—a trendy, pedestrian-friendly community of contemporary theaters, art galleries, cafes, and shops. 5250 Lankershim Plaza is also just one block from the North Hollywood Metro Station, which has helped the district attract major businesses, residential complexes, and overall expansion. Nearby entertainment giants such as Universal Studios, Warner Brothers, NBC, CBS Studio Center, Nickelodeon Animation, and Disney Studios have also helped lend to the resurgence and revitalization of the North Hollywood area over the last decade.
“This property has maintained 100% occupancy for years, despite coming to market during the peak of the recession. In addition to our long-standing tenant and leasing relationships, that performance also highlights the strength and improvement of the NoHo submarket over the last decade. We remain optimistic and excited with regards to the continued transformation taking place,” explained Mike Wise, a Senior Partner of the J.H. Snyder Company.
“Although there is no current vacancy, the majority of the tenants roll over the next several years. It was critical to tailor a loan with ample structure to prepare for that roll, while simultaneously maintaining maximum flexibility to allow our client to operate the property on their terms. The J.H Snyder team’s track record coupled with their unparalleled market knowledge came across early in the bidding process during lender discussions. Those intangible strengths were imperative in driving lender confidence, and resulted in a successful, smooth closing,” added Mr. Grossman.
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