Meridian Secures $14M in Financing for Reno Retail Asset
- Apr 24, 2017
Meridian Capital Group recently announced that it has secured a $13.9 million bridge financing loan on behalf of CIRE Equity for the acquisition of Paradise Plaza, a 190,000-square-foot retail center located in Sparks, Nev.
Managing Director Seth Grossman and Vice President Jackie Tran of Meridian’s Carlsbad, Calif. office arranged the three-year loan, which features floating rate and full-term interest-only payments, through a regional bridge lender.
Located at 2105-2229 Oddie Blvd. on the corner of Oddie Boulevard and Sullivan Lane, the asset offers visibility and accessibility on a heavily trafficked retail corridor, in an area where approximately 113,000 people live within a 3-mile radius. The center’s trade area is expanding as a result of an increasing presence of manufacturing, technology and logistics companies, including Tesla’s new GigaFactory.
Paradise Plaza is currently anchored by national tenants such as Kmart, Walgreens, Family Dollar, U.S. Bank and Wells Fargo.
“The loan provides an opportunity for the sponsor to acquire a prime asset in a growth market at well-below replacement cost with near-term repositioning and tremendous upside potential,” said Tran in a prepared statement. “The client will implement a value-add business plan that they have executed successfully across a number of similar projects,” she added. “Having worked with the same sponsor and lender in the past helped facilitate a seamless process from start to finish.”
Image courtesy of Meridian Capital Group