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| Tal Bar-Or |
New York, NY, July 23, 2014, – Meridian Capital Group, LLC,
a leading national commercial real estate finance and advisory firm, negotiated
a $31 million loan to purchase an office property located in Norwalk, CT and to
refinance an industrial property in Aiken, SC, on behalf of Matrix Investment
Group.
The two-year loan,
provided by Jefferies LoanCore LLC, features a competitive fixed-rate and
interest-only payments for the full-term.
This transaction was negotiated by Meridian Capital Group
Managing Director, Tal Bar-Or, and Associate, Kyle Kite, who are
both based in the Company’s New York City headquarters.
The six-story office
property, located at 535 Connecticut Avenue in Norwalk, CT, totals more than
179,000 square feet. The industrial property, Centennial Corporate Center,
contains 205,000 square feet and is located at 1991 Corporate Parkway in Aiken,
SC.
“Given the sponsor's
strong track record in turning around underperforming office properties,
Meridian was able to structure a financing solution that allowed our client to
purchase a 45% occupied office property and provide additional funds for CapEx,
TI and LC using the imputed equity value from a separate property in a
different market,” said Mr. Bar-Or.
“In this transaction, it was critical to build in maximum
flexibility in property releases and operating cash flow so that the sponsor
has the ability to improve the collateral to stabilization.
The loan was closed in under one month and we credit the
excellent team at Jefferies LoanCore for this efficient execution,” he added.
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| Jonathan Stern |
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, Arizona 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.
For a complete copy of the company’s news release, please
contact:
Jonathan Stern
Meridian Capital Group, LLC
212/972-3600
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