Meridian Capital Group negotiated $5.2 million in balance sheet financing for the acquisition of a shopping center located in Orland Park, IL.
The seven-year loan, provided by a credit union, features a fixed rate of 4.38%. Meridian senior vice president, Simon Rosenfeld along with associates, Michael Homapour and Craig Berger, who are all based in the company’s New York City headquarters, negotiated the loan, along with associates, Michael Homapour and Craig Berger, who are all based in the company’s New York City headquarters, negotiated the loan.
The shopping center, located at 15890-98 South La Grange Road in Orland Park, IL is a single-story, four-unit building with notable tenants including AT&T and the Mattress Firm. The property is a new development, situated at the intersection of South La Grange Road and 159th Street in Orland Park and is located in a dense retail and restaurant area.
“The negotiation process had several unique aspects, as the loan needed to close with 25% vacancy as it was still under construction and the borrower is New York-based, therefore having fewer local banking relationships from which to draw upon for this loan,” explained Mr. Rosenfeld. “By leveraging our national network, Meridian identified a credit union lender and negotiated a seven-year loan with a low fixed rate and no pre-payment penalty,” he added. “We were also successful in maintaining the rate, even after a sharp rise in treasuries post-election.”