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| 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.
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| 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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