Boca Raton, FL , May
22, 2018 – Meridian Capital Group, America’s most active
dealmaker, arranged $18.4 million in acquisition financing for a
single-tenant office building in Tampa, FL, on behalf of TriOut Advisory Group.
The four-year loan,
provided by a bridge lender, features a rate of 520 basis points over 30-day
LIBOR and full-term interest-only payments. This transaction was negotiated by
Meridian Vice President, Aryeh Meiteles, and Managing Director, Noam
Kaminetzky, who are both based in the company’s Boca Raton, FL office.
Located at 6700
Lakeview Center Drive in Tampa, FL, the three-story building is 186,309 square
feet and is fully occupied by HealthPlan Services, Inc., owned by WiPro (NYSE:
WIT), until 2022.
The property was
originally constructed in 1984 and recently underwent extensive renovations and
modernizations, totaling $3.3 million.
The oversized lot also has existing entitlements in place to
construct an additional 191,000 square foot office building, with the addition
of a parking structure, which would ultimately provide a parking ratio of five
spaces per 1,000 square feet for each of the buildings.
The tenant has
designated this property as their corporate headquarters and has moved
operations from various areas to this location, which is ideally located within
minutes of several retailers, restaurants, and entertainment venues including
the MidFlorida Credit Union Amphitheatre, Florida State Fairgrounds, and the
Hard Rock Hotel Casino.
“With a single tenant
rolling in four years, the lender was concerned with the loan takeout if the
tenant were not to renew,” said Mr. Kaminetzky.
“Meridian worked closely with the lender to create a
mechanism whereby the lender was provided with downside protection at various
checkpoints throughout the loan but at the same time provided the borrower with
the flexibility to execute on his business plan,” said Mr. Meiteles.
Tampa was ranked in
2016 by Realtor.com as the number one city that Americans are moving to and was
named the “Best City in the Southeast” by Money Magazine in 2015. The city
boasts nearly 400,000 residents, with the county’s population projected to grow
to 1.5 million in 2022.
For more information, please contact:
Jonathan M.
Stern
Managing Director
Meridian Capital Group
1 Battery Park Plaza, 26th Floor
New York, NY 10004
jstern@meridiancapital.com
Direct: 212.612.0181
Fax: 212.201.5181
www.meridiancapital.com
Managing Director
Meridian Capital Group
1 Battery Park Plaza, 26th Floor
New York, NY 10004
jstern@meridiancapital.com
Direct: 212.612.0181
Fax: 212.201.5181
www.meridiancapital.com
