MERIDIAN CAPITAL GROUP ARRANGES $6 MILLION IN FINANCING FOR OKLAHOMA FLEX STORAGE/OFFICE & RETAIL PROPERTY
Bixby, Oklahoma - Meridian Capital Group recently arranged a financing in the amount of $6,000,000 for
the recapitalization of the CrossCreek development located at 12800 South Memorial Drive. The property contains 96 flex storage and office tenants as well as ten retail tenants totaling 112,100 square feet. Allan Lieberman of Meridian’s New York office negotiated on behalf of CrossCreek Warehouses, LLC to secure a rate of 6.36% over a ten-year, fixed-rate term with one year interest only.
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The newly constructed property was 92% occupied at the time of funding. Facing Memorial Drive, the retail center is approximately 13,500 square feet and includes nationally recognized tenant, Dominos Pizza. The office warehouse units begin at 750 square feet and can be expanded in size to fit almost any need. Each has a private office, restroom and security system.
The Memorial Drive corridor through Bixby in South Tulsa has been an ideal location for developments, and many businesses are attracted to that area.
Founded in 1991, Meridian Capital Group LLC is one of the nation’s largest mortgage brokerages serving the multifamily and commercial real estate sectors. The company is based in New York City with additional offices in New Jersey, Pennsylvania, Maryland, Illinois, Florida, California, and Texas. Working with a wide variety of lenders, Meridian finances transactions ranging from $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, self-storage, industrial, and construction properties. Nationally, Meridian reported more than 2,500 transactions in 2007, totaling over $16 billion.
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