Meridian Capital Group, America’s most active dealmaker, arranged $8.5 million in financing for The Boardwalk, a shopping center property focused on attracting restaurants and casual dining in Cypress, CA, on behalf of The Festival Companies.
The 10-year CMBS loan features a competitive rate and was negotiated by Meridian Managing Director, Seth Grossman and Associate, Andy Strauss who are both based in the company’s Carlsbad, CA office.
The property, located at 5895 Katella Avenue, is a single-story, 13,700 square foot building that is currently home to seven tenants. Located in the highly desirable area of Cypress, The Boardwalk caters to the dense local population and benefits from daytime traffic from the surrounding areas in Orange County. The infill redevelopment project successfully reinvented the property and created and extended further amenities to visitors seeking fast, casual dining options. Noodles & Company, Uroko Café, Which Wich, Pita 360, and Fisherman's Market Grill are some of the new additions to The Boardwalk’s tenant mix.
The property is just minutes away from the San Diego (405), Garden Grove (22), and San Gabriel (605) freeways. Situated at a visible and highly trafficked intersection, The Boardwalk offers an array of convenient dining options for locals, commuters, and tourists alike.
“Meridian initially arranged the construction financing for this property in June 2016. Due to the rapid and successful redevelopment by the summer of 2017, we were able to replace the construction loan with favorable terms offered by a permanent lender," said Mr. Grossman. “Even after working with Festival for many years, it’s always exciting to watch the asset transformation take place and see the value they create, time and again.”
Festival Development Corporation is an affiliate of The Festival Companies, a leading developer and operator of retail and mixed-use properties, and a full-service commercial real estate advisory firm. Headquartered in Los Angeles, California, Festival is recognized nationwide as a respected innovator of urban in-fill shopping center redevelopment and ground-up development projects, transforming real estate into quality retail destinations that suit their unique locations and demographics. Since 1980, Festival and its founding principals have successfully acquired, developed, redeveloped and operated more than 120 retail shopping center projects in a broad array of retail property types — including regional malls, high-quality street retail projects, lifestyle center destinations, resort centers, community centers, neighborhood centers, urban retail and retail-driven mixed-use properties. Please visit www.festivalcos.com for more info and a partial track record of completed projects.
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