Meridian Capital Group, America’s most active deal maker, negotiated $13.9 million in bridge financing for the purchase of the Paradise Plaza retail center, located in Sparks, NV, on behalf of CIRE Equity.
The three-year loan, provided by a regional bridge lender, features a floating rate and full-term interest-only payments. This transaction was negotiated by Meridian Managing Director, Seth Grossman and Vice President, Jackie Tran, who are both based in the company’s Carlsbad, CA office.
Paradise Plaza, located at 2105-2229 Oddie Boulevard, is an approximately 190,000 square foot shopping center with national tenants including Kmart, Walgreens, Family Dollar, U.S. Bank and Wells Fargo. The center’s trade area is experiencing an increase in expansion and repositioning projects from recent relocations and a new presence of major manufacturing, technology and logistics companies, including Tesla’s new GigaFactory. Situated on the well-signalized corner of Oddie Boulevard and Sullivan Lane, this established shopping center offers excellent visibility and accessibility on a heavily trafficked retail corridor.
“The loan provides an opportunity for the sponsor to acquire a prime asset in a growth market at well-below replacement cost with near-term repositioning and tremendous upside potential,” explained Mrs. Tran. “The client will implement a value-add business plan that they have executed successfully across a number of similar projects,” she added. “Having worked with the same sponsor and lender in the past helped facilitate a seamless process from start to finish.”
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