Meridian Capital Group, America’s most active debt broker, negotiated $3.2 million in financing for the purchase of the retail property located at 919 Collins Avenue in Miami Beach, FL.
The 10-year, non-recourse loan, provided by a balance sheet lender, features a fixed rate of 4.13%. This transaction was negotiated by Meridian Vice President, Eric Trombly, who is based in the company’s Boca Raton, FL office.
919 Collins Avenue is a three-story, 7,940 square foot free-standing retail property, conveniently located in the heart of South Beach. Renovated in 2014, this modern-style building features high ceilings and the potential for office space in the rear of the building. Collins Avenue is a well-known shopping destination that offers a variety of fashion stores and top brands, including H&M, Armani, Free People, Vans, Victoria’s Secret, Zara, Guess, Banana Republic, Aldo, and Sephora. 919 Collins Avenue is one block from Ocean Drive and the beach, adding foot and vehicle traffic to this highly visible street-facing property.
“It was a pleasure working with the New York-based sponsor to provide a non-recourse, fixed rate bank loan for this prime South Beach property,” said Mr. Trombly. “We achieved favorable terms by making a market for this lending opportunity and putting our extensive knowledge of the South Florida market and local banking relationships to work for the client,” he added.
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