Thursday, May 12, 2016

Meridian Capital Group Arranges $11.4 Million in Permanent Financing for BJ’s Wholesale Club in Homestead, FL

Jason Grimm

Boca Raton, FL, May 12, 2016 – Meridian Capital Group, America’s most active debt broker, arranged $11.4 million in permanent financing for the refinance of a single-tenant retail property in Homestead, FL.

The 15-year, self-liquidating, non-recourse loan was provided by a regional balance sheet lender and features a fixed-rate of 4.00% for the first seven years, followed by a fixed-rate of 4.50% for the remaining term. 

This transaction was negotiated by Meridian Vice President, Jason Grimm, who is based in the Company’s Boca Raton, FL office.

The 136,000 square foot retail property is located at 650 SE Eighth Street near the intersection of Ronald Reagan Turnpike and South Homestead Boulevard. 

Anchor BJ’s Wholesale Club is a national membership-only retail chain offering bulk groceries, electronics, apparel, furniture and much more. The superstore also includes BJ’s Gas, BJ’s Optical and BJ’s Tire Center.

“Meridian worked closely with the lender to satisfy the client’s tax and insurance-related requests and was able to negotiate a springing recourse option in the event that BJ’s Wholesale did not renew its lease upon its expiry in 10 years,” explained Mr. Grimm. “Meridian then helped the client mitigate interest rate risk by locking a 4.00% rate for the first seven years, followed by 4.50% for the remaining term,” he added. 

For a complete copy of the company’s news release, please contact:

Jonathan Stern
Meridian Capital Group

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