Wednesday, August 19, 2015

Meridian Capital Group Arranges $15.2 Million in Acquisition Financing for the Purchase of Heron Bay Corporate Center I & II in Coral Springs, FL


Josh Rhine

 NEW YORK, NY, Aug. 19, 2015,  – Meridian Capital Group, America’s most active debt broker, negotiated $15.2 million in acquisition financing for the purchase of Heron Bay Corporate Center I & II located in Coral Springs, FL on behalf of The Benedict Realty Group.

The seven-year loan, provided by a regional balance sheet lender, features a fixed-rate of 4.00% and three years of interest-only payments followed by a 30-year amortization schedule.

This transaction was negotiated by Meridian Executive Vice President, Avi Weinstock, and Vice President, Josh Rhine, who are both based in the Company’s New York City headquarters.

Heron Bay Corporate Center I & II is an office property totaling 89,000 square feet that houses 19 tenants. A notable tenant at the property is Regus, the largest provider of flexible office space in the world.

Avi Weinstock
Additionally, Heron Bay Corporate Center I & II is located in Broward County which not only boasts countless miles of waterways, an international airport and a major seaport but is also accessible by Interstate 95, Interstate 75 and the Florida Turnpike.

“Given the fully-leased status of the property, the impeccable sponsorship and the overall positive trend in this part of Florida, Meridian negotiated full-leverage financing on flexible terms that allows the owner to create additional value and evaluate both short-term and long-term strategies for the asset,” said Mr. Weinstock.

“We are very pleased to enter the Florida office market with this transaction. We hope to purchase many more office buildings in South Florida in the near future,” said Daniel Benedict of the Benedict Realty Group.

Founded over twenty years ago, Benedict Realty Group (BRG) owns and manages over 5,000 apartment units in New York City. BRG also recently started a medical office building division and has purchased three transactions as part of this strategy.

The Heron Bay deal is BRG’s first acquisition in Florida and represents an effort by BRG to opportunistically target quality assets with strong cash flow in strategic locations.


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

Jonathan Stern
Meridian Capital Group
212/972-3600

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