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| Jared Hill |
Boca Raton, FL – Meridian Capital Group, LLC, a leading
national commercial real estate finance and advisory firm, negotiated a $17
million loan to refinance a mixed-use property located in Wellington, FL on
behalf of Richard Schechter of The Bainbridge Companies and Norman
Weinstein of Stateside Capital Corporation.
The eight-year loan,
provided by a regional balance sheet lender, features a competitive fixed-rate
of 4.13% and one year of interest-only payments.
This transaction was
negotiated by Meridian Capital Group Managing Director, Michael Brown and
Originator, Jared Hill, who are both based in the Company’s Boca Raton,
FL office.
Wellington Plaza is
a two-story retail and office property, totaling 155,000 square feet, located
at 12765 Forest Hill Boulevard in Wellington, FL. Notable tenants include,
Starbucks and the U.S. Army Core of Engineers.
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| Richard Schechter |
“Meridian leveraged
our relationship with the lender to obtain a non-recourse loan with the
characteristics of a balance sheet mortgage as well as a rate and term similar
to a CMBS or life insurance company loan,” said Mr. Brown.
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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