NoHo Office Asset Lands $68M in Financing
- Dec 21, 2017
Meridian Capital Group secured a $68 million bridge loan for a Class A office building in the North Hollywood area of Los Angeles on behalf of J. H. Snyder Co. Senior Managing Director Seth Grossman, Vice President Jackie Tran (based in Carlsbad, Calif.) and Vice President Steve Edelstein (based in New York City) arranged the transaction.
Located at 5250 Lankershim Plaza, the nine-story property is a LEED Gold-certified, 179,000-square-foot office building with an adjacent six-story, 723-space parking garage. The property was developed in 2009 by owner J.H. Snyder Co. According to Meridian, the property is 100 percent occupied by seven tenants, including Kaiser Permanente, Regus and the Art Institute of California. Universal Studios, Warner Brothers, NBC, CBS Studio Center, Nickelodeon Animation and Disney Studios are all nearby. The North Hollywood metro station is just one block away.
“This property has maintained 100 percent occupancy for years, despite coming to market during the peak of the recession. In addition to our long-standing tenant and leasing relationships, that performance also highlights the strength and improvement of the NoHo submarket over the last decade,” said Mike Wise, senior partner at J.H. Snyder Co., in a prepared statement.
In October, Meridian Capital Group negotiated $12.5 million in acquisition financing for the recently developed Plantation Pointe, a retail center located in Plantation, Fla.
Image courtesy of Meridian Capital Group