Meridian Capital Group Closes $10.8M Financing for Mississippi Plaza
- Aug 26, 2015
Class A office property Mississippi Plaza, located in Davenport, got $10.8 million in CMBS financing after America’s most active debt broker, Meridian Capital Group, negotiated on behalf of Financial District Properties.
Silverpeak Real Estate Finance provided a 10-year loan closed in a 19-day time frame. The loan features a fixed-rate of 4.77% and interest-only payments for the first year. This transaction was negotiated by Meridian Capital Group Managing Director, Brian Flax, and Associate Corey Schwartz, who are both based in the Company’s New York City headquarters.
The 88,778-square-foot office property is located at 201 North Harrison Street in Davenport and is recognized as the “most appealing office building” in the area.
“This transaction presented a significant challenge as the two largest tenants, who occupy a combined 70% of the building, have leases with the same expiration date which roll during the term of the loan,” mentioned Schwartz. “Meridian worked closely with the talented team at Silverpeak on a creative structure that allows the sponsor to maintain sufficient ongoing cash flow while building up a reserve for tenant improvements and leasing commissions.”