Meridian Arranges Refi for Delaware Shopping Center
- Mar 13, 2017
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