MERIDIAN CAPITAL GROUP ARRANGES OVER $13 MILLION
IN CONSTRUCTION FINANCING FOR LAS VEGAS SHOPPING CENTER
Las Vegas, NV - Meridian Capital Group recently arranged construction financing for a prominent Los Angeles based developer in the amount of $13,150,000 for a Las Vegas shopping center totaling 84,239 square feet. Sherwin Aryeh of Meridian’s California office negotiated to secure a rate of 2.25% + LIBOR for an 18 month, interest only term with a 6 month extension option. The project was 28% pre-leased with tenant’s including Fresh & Easy, AT&T Mobile and Cici’s Pizza. Despite the challenges faced due to the recent turmoil in the credit markets, a letter of intent was issued within 3 business days and the transaction was completed within 60 days.
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 2,350 transactions in 2007, totaling over $16.5 billion.
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