Meridian Capital Group, America’s most active dealmaker, arranged $99 million in financing for the recapitalization of the Boca Office Portfolio, a four-property portfolio containing office and retail space in Boca Raton, FL on behalf of Titan General Partners, LLC.
The five-year CMBS loan features full-term interest-only payments and was negotiated by Meridian Senior Managing Director, Israel Schubert, Managing Director, Noam Kaminetzky, and Associate, Scott Forbes.
The Boca Office Portfolio consists of Fountains Center, located at 7000-7700 West Camino Real; The Boardwalk at 18th Street, located at 6909 Southwest 18th Street; City National Bank Plaza at 7000 West Palmetto Park Road; and Grove Centre at 21301 Powerline Road. The properties span more than 514,500 square feet of office, medical office, and retail space and are home to major tenants including Meridian Capital Group, City National Bank, Truist, Women’s Health, Citibank, Dunkin Donuts, Quest Diagnostic, McDonald’s, Einstein Bagels, and Starbucks. The remainder of the tenants are a cross section of various types and sizes of office and retail tenants, medical practices, attorneys, accountants, financial services, and restaurants. The assets were originally purchased between 2012 and 2016 and have since been reconfigured with new buildings being constructed, existing buildings being completely renovated and upgraded, improvements to existing interiors and exteriors, a complete landscaping overhaul, new roofing, parking lot resurfacing, additional signage, and major electrical and plumbing upgrades.
“Despite the multiple challenges that we faced over the loan negotiation and closing process, including the inherent complexity associated with a significantly sized CMBS deal with multiple participants, foreign equity investors, and treasuries spiking prior to closing, Meridian helped to successfully bring this loan across the finish line,” said Mr. Kaminetzky. “The deal began just at the onset of COVID. As the transaction progressed, the financial markets came to a screeching halt. Meridian worked alongside the buyers, seller, and the lenders to create a deal structure that allowed the joint venture to proceed while mitigating COVID risks to the lending group. This was a team effort of epic proportion and took a herculean effort from all parties involved.”