Boca Raton, FL, May 29, 2014– Meridian Capital Group, LLC, a
leading national commercial real estate finance and advisory firm, negotiated a
$31 million mortgage for the refinancing of the RIS portfolio composed of seven
unanchored shopping centers located in Orlando, Tampa, Kissimmee, Sanford and
Sarasota, FL.
The 10-year,
non-recourse loan, provided by a CMBS lender, features five years of
interest-only payments and a fixed-rate of 4.88%.
 |
| Sanford Town Center, Sanford, FL |
This transaction was negotiated by Meridian Managing
Director, Michael Brown, and Underwriter, Adam LeBlanc, who are
both based in the Company’s Boca Raton, FL office.
The seven-property
portfolio totals 200,000 square feet and includes 80 tenants comprised of a mix
of restaurants, bank branches, medical offices, and retail stores.
The portfolio includes West Chase Town Center located in
Tampa; The Gateway located in Kissimmee; The Shoppes of East Colonial located
in Orlando; Hunters Creek Shoppes located in Orlando; Osceola Gateway Center
located in Kissimmee; Sanford Town Center located in Sanford; and Sarasota
Palms Plaza located in Sarasota.
“By leveraging both
the sophistication of our client and the strength and creativity of the lender,
we were able to negotiate favorable financing that accounts for lease roll and
tenant improvements across the portfolio,” said Mr. Brown.
“By staying in
constant communication and providing a thoughtful analysis of different
scenarios, Meridian was able to manage the terms of the 80 leases included in
the portfolio,” added Mr. LeBlanc.
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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