Meridian Capital Group, America’s most active dealmaker, arranged $10.5 million in financing to refinance Parkwood Plaza, a shopping center in Orlando, FL, on behalf of Highyon Assets Corporation.
The five-year loan, provided by a balance sheet lender, features a rate of 220 basis points over the 30-day LIBOR that the borrower swapped to a fixed rate of 5.34%. The loan offers one five-year extension option and one year of interest-only payments followed by a 25-year amortization schedule. Meridian Vice President, Aryeh Meiteles, and Managing Director, Noam Kaminetzky, who are both based in the company’s Boca Raton, FL, office, negotiated the financing.
Located at 3191 West Colonial Drive in Orlando, FL, Parkwood Plaza is a six-building, 148,000 square foot shopping center anchored by Korean supermarket chain Lotte Plaza Market. Other notable tenants include McDonalds, KFC, Taco Bell, and Valvoline. Advantageously situated at the corner of West Colonial Drive and North John Young Parkway, the shopping center benefits from good visibility and traffic of more than 37,000 vehicles per day, and is located just two minutes from Orlando’s Central Business District.
“Though the property’s anchor tenant was still in their build-out phase, Meridian was able to work with the lender to structure the loan as if the shopping center was fully occupied, thus achieving full funding,” said Mr. Meiteles. “Meridian also structured an earn-out for future tenants leasing within the year.”
Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2017, Meridian closed over 3,000 transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property. Since inception, the company has closed more than $300 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California.