Meridian Capital Group, a debt brokerage firm, negotiated $14.3 million in financing for the acquisition and repositioning of Val Vista Towne Center, a shopping center located in Gilbert, on behalf of Southern California-based CIRE Equity.
The five-year loan, provided by a mortgage REIT, features a future funding component for a value-add renovation, full-term interest-only payments during the initial three-year term and two one-year extension options. This transaction was negotiated by Meridian Managing Director, Seth Grossman, and Vice President, Sarah Kuebler, who are both based in the Company’s Carlsbad, CA office.
Val Vista Towne Center totals 94,000 square-feet of retail space anchored by Petco, Ross Dress For Less and Staples. There is also a Target on site that is not part of the loan collateral. Located at 1395 E. Warner Rd. at the intersection of South Val Vista Drive, the property is surrounded by numerous residential subdivisions including Western Skies Estates and Golf Club.
The Santan Freeway is also in close proximity allowing for easy access in and around greater Phoenix.
“Meridian is pleased with the outcome of this transaction,” Grossman said. “Highlighting the sponsor’s repositioning strategy and excellent track record completing other similar value-add projects, all parties worked hand-in-hand to quickly structure a flexible loan with a repeat lender that moved from start to finish very smoothly.”
Trevor Smith, a co-Founder and Principal at CIRE said, “We are excited to have added Val Vista Towne Center to our retail portfolio. We’ve worked hard developing strong relationships with local tenants and the surrounding communities that our centers serve in the greater-Phoenix market. We look forward to continuing that trend and growth in Gilbert.”
