December 4, 2017
Meridian Capital Group, America’s most active dealmaker, arranged $6.8 million in financing for an office-industrial flex space in San Diego, CA, on behalf of a locally-based private real estate investment company.
The 24-month loan, provided by a balance sheet lender, features interest-only payments and was negotiated by Meridian Managing Director, Seth Grossman, and Vice President, Jackie Tran who are both based in the company’s Carlsbad, CA office.
The property, located at 10170 Sorrento Valley Road, is a two-story, 40,811 square foot building that is now home to the California headquarters of Lighthouse Strategies, LLC. Well-situated in the Sorrento Valley and Sorrento Mesa submarkets, the property is a short distance from major transportation routes, including Interstate 805 and Interstate 5, and in close proximity to restaurants, cafes, banks, and shopping.
“Just over a year ago we financed the asset after the existing tenant vacated. Since that time, our client quickly reacted and successfully brought in a new tenant to lease the entire space. The minimal downtime is a testament to their ability to be nimble and rapidly respond to changes in the market and at the property level,” said Mr. Grossman. “The new financing provides significant flexibility with maximum optionality over the next several years.”
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 2016, Meridian closed $35 billion in loan volume and sold over $2 billion in commercial properties. Since inception, the company has closed more than $270 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