Meridian Capital Group negotiated a $12.5 million loan against three Plantation retail buildings despite particularities with the property that could have hindered financing.
Meridian managing director Noam Kaminetzky in Boca Raton closed the 11-year, 3.87 percent fixed-rate loan from Netherlands-based life insurance company Aegon on behalf of the buyer in a deal that closed Aug. 4.
Plantar LLC, an affiliate of Midtown Capital Partners, bought the three, one-story retail buildings at 7500 W. Sunrise Blvd. for more than $21 million in a second-quarter cash deal, according to Meridian Capital Group.
“This is newly built, so there’s no historical track record. Most other properties have a historic record of how it’s performing. This does not. This is brand new,” Kaminetzky said.
This — and the fact that two restaurant tenants had signed leases but still hadn’t started paying rent at the time of negotiations — created some hurdles to closing the loan.
“It’s definitely more challenging to negotiate that, and we were able to get out of that because it’s a good tenant, it was a tenant that had a solid lease, that had no out clauses, and we were able to negotiate it that the tenant itself would have to have a certain time when they would have to start paying their rent after we close,” Kaminetzky said, referring to the two new tenants.
The three buildings totaling 17,502 square feet are part of a larger office and retail park that’s about 875,000 square feet on the southeast corner of Sunrise Boulevard and University Drive.
Tenants include Chipotle Mexican Grill, Pieology Pizzeria, Panda Express, The Habit Burger Grill, McAlister’s Deli, AT&T, Starbucks and Walgreens, according to Meridian.