Meridian Capital Group, LLC Arranges $17.8 Million Refinance for Shopping Center in Greenwood Village, CO
November 30, 2011, Carlsbad, CA — Meridian Capital Group, LLC, a leading national commercial real estate advisory firm, negotiated a $17.8 million loan on behalf of a Los Angeles-based family office to refinance a 210,000 square foot shopping center located in Greenwood Village, Colorado.
The 10-year, non-recourse loan was provided by a CMBS lender and was negotiated by Seth K. Grossman, a Managing Director based in Meridian"s Carlsbad, CA office. The new loan refinanced an existing CMBS loan which matured the day of closing. The application, negotiation and underwriting of this loan took place during a period of significant turbulence in the capital markets, particularly in the CMBS space. Meridian was able to negotiate favorable terms, including based upon its longstanding relationship with the lender and the sophistication of the owner and management team, and was able to complete the financing from start to finish in a brief eight-week period.
"Given the compressed time frame in which we needed to close, as well as the volatile interest rate environment, Meridian"s team worked closely with our client and the lender each step of the way to efficiently coordinate resources, ultimately refinancing the property"s existing loan on its maturity date," said Mr. Grossman.
Meridian"s Carlsbad office was opened in May 2011. While its primary focus is loan origination in the Western U.S., the office has been arranging financing nationally, including the recent closing of a highly structured $46 million acquisition and renovation loan with a European balance sheet lender that is secured by four full-service hotels located in three states.
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