Meridian Capital Group, America’s most active debt broker, negotiated a $21.1 million loan for the acquisition and rehabilitation of Glendale Market Square, a retail property located in Glendale, AZ on behalf of a Southern California-based developer.
The three-year loan, provided by a debt fund, features a floating-rate, interest-only payments for the full-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.
Glendale Market Square, located at 5710-5880 North 59th Avenue, totals 221,000 square feet and notable tenants include Pollo Loco, T-Mobile and WinCo Foods. The sponsor acquired the property from a large public REIT and will use their hands-on ownership style and strong existing presence in the greater Phoenix market to significantly improve the shopping center and create value. This is already evident in the leasing activity that they were able to arrange upon signing the contract and prior to taking ownership.
“Although there were many moving parts structurally, the transaction moved smoothly from start to finish. The sponsor and lender had an existing working relationship, which fostered open communication and team work from all sides, working quickly to solve any issues that arose during the process,” said Mr. Grossman.
