May 24, 2018
Meridian Capital Group, America’s most active dealmaker, arranged $105 million in financing to refinance an office building in Los Angeles, CA, on behalf of an affiliate of J.H. Snyder Company.
The 10-year loan, provided by a life insurance company, features a fixed rate below 4.00% and full-term interest-only payments. This transaction was negotiated by Meridian Senior Managing Director, Seth Grossman, and Vice Presidents, Steve Edelstein and Jackie Tran.
Located at 5757 Wilshire Boulevard, the SAG-AFTRA Plaza in Los Angeles, CA caters to a variety of international entertainment, media, cultural, and communication-oriented industries, including its largest tenant and namesake, the Screen Actors Guild-American Federation of Television and Radio Artists. The 11-story, 548,000 square foot office property also features 28,000 square feet of street-front restaurant and retail space and is one of the most prominent buildings along Miracle Mile, a stretch of Wilshire Boulevard that is home to the La Brea Tar Pits pavilion, the Los Angeles County Museum of Art, The Petersen Automotive Museum, A+D Museum, among others, creating “Museum Row” on the Miracle Mile. Additionally, the Academy Museum of Motion Pictures, which is slated to open in 2019 as the world’s premier institution dedicated to the art and science of movies, will be located just a few blocks away from the property. An affiliate of J.H. Snyder Company, which is headquartered in the building, has owned 5757 Wilshire Boulevard for more than 40 years.
“I began working in this building in 1981,” said Lon Snyder, a Senior Partner of J.H. Snyder Company. “For decades, through many real estate cycles, we have taken tremendous pride in owning and managing this best-in-class asset, and we could not be happier with the results of the refinance. The Meridian team diligently canvassed the market on our behalf bringing an array of different options. From their initial engagement through assisting with post-closing items, they worked around the clock to ensure satisfaction,” added Snyder.
“Spanning many decades, the J.H. Snyder Company developed millions of square feet of class-A real estate along Wilshire Boulevard, helping form the Miracle Mile into what it is today. This refinance assists with the continuance of that formation, as this financing was critical in facilitating a necessary lot-split, which will result in further development by their firm on the newly created parcel. It’s a privilege as an intermediary to work with such a historically successful, sophisticated and well respected ownership team,” said Mr. Grossman.
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 debt 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. www.meridiancapital.com