Meridian Capital Group, America’s most active deal maker, arranged $6.2 million in financing for the refinance of the Murrieta Crossings shopping center in Murrieta, CA, on behalf of CIRE Equity.
The 10-year loan, provided by a local community bank, features a fixed rate of 4.50% for the first five years, and no exit fee or prepayment penalty for the duration of the loan. 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.
Murrieta Crossings, located at 39729, 39745 and 39809 Avenida Acacias, is a single-story, approximately 94,500 square foot shopping center and houses notable tenants Aerosports Trampoline Park, Epic Rollertainment and California Veterinarians Specialists. Built in 2006, the 75% leased shopping center is situated adjacent to Interstate 215 with clear exposure to approximately 95,000 vehicles traveling past each day. This regional shopping destination is located in the heart of the retail hub serving neighboring Wildomar, Temecula and Murrieta Valley.
“Located at the southeast intersection of Interstate 215 and Los Alamos Road, the center is the most highly visible retail destination with over 3,000 feet of freeway frontage,” said Mr. Grossman. “Lenders saw the appeal in the property’s prime location, which helped Meridian negotiate favorable terms for the client.”
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