Meridian Capital Group, America’s most active dealmaker, arranged $6.5 million in financing for the purchase of three retail properties with single-tenant, Bob Evans, located in Florida’s Sarasota, The Villages and Fort Myers, FL.
The 10-year loan, provided by a balance sheet lender, features a fixed-rate of 3.80%. This transaction was negotiated by Meridian Associate, Avi Gorbacz, who is based in the company’s New York City headquarters.
The three Bob Evans restaurants, located at 5903 Brookhill Boulevard in Sarasota, 2199 Parr Drive in The Villages, and 8940 Colonial Center Drive in Fort Myers, are single-story retail properties, totaling 16,578 square feet of space. The three properties are all in close proximity to each other and are easily accessible from Interstate 75.
“During the purchase of the restaurant package, Meridian was able to negotiate favorable terms to help maximize the client’s cash flow,” explained Mr. Gorbacz. “Meridian demonstrated the properties’ rent escalations in combination with their prime locations in a dense retail corridor, which helped in negotiating a 10-year loan that features a highly competitive rate for this market.”
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