Meridian Arranges Refi for Delaware Shopping Center

The loan will be used on Tsonias Management's Milford Plaza.
The Milford Plaza Shopping Center in Milford, Del.
The Milford Plaza Shopping Center in Milford, Del.

Milford, Del.—Meridian Capital Group arranged $18 million in financing on behalf of Tsonias Management for Milford Plaza, a shopping center located in the heart of Milford’s retail corridor. The loan features a fixed rate of 5.1 percent, full-term interest-only payments and was provided by a CMBS lender.

Located at 656 North Dupont Blvd., the 172,200-square-foot asset is situated at the heavily trafficked intersection of routes 9 and 113 and is in close proximity to Delaware’s beach towns, which provide a seasonal increase in traffic. Major tenants include The Peebles Corp., Sherwin-Williams, Save-A-Lot, Chick-fil-A and Dollar General.

“The deal was underwritten by several lenders and sized to a $13.5 million loan amount, but Meridian identified a CMBS lender that was able to include the income of five tenants who had signed leases but had not yet completed occupancy, which allowed for the loan proceeds to reach $18 million,” Jim Bologno, Meridian’s senior vice president, in a prepared statement.

According to Millford Live, the 1973-built shopping center underwent a major renovation back in 2012.

Recently, Meridian Capital secured financing for Hartford, Conn., office asset.

Image courtesy of Meridian Capital