Meridian Capital Group, America’s most active dealmaker, arranged $27 million in acquisition financing for the Flamingo Pines Plaza shopping center in Pembroke Pines, FL, on behalf of JBL Asset Management.
The three-year loan, provided by a portfolio lender, features a floating rate, one year of interest only payments, and was completed at a loan-to-value ratio of 75%. Meridian Senior Vice President, Aryeh Meiteles, and Managing Director, Noam Kaminetzky, who are both based in the company’s Boca Raton, FL office, negotiated this transaction.
The property, located at 12520 Pines Boulevard, is a 139,462 square foot shopping center in the highly desirable community of Pembroke Pines. Flamingo Pines Plaza is currently 99% occupied with notable tenants including State Farm, USPS, GoodWill, Florida Technical College, La Granja Seafood, Cricket Wireless and Mattress Firm, and has consistently maintained strong occupancy levels with an average historical occupancy rate of 95% over the past 10 years. The property is shadow anchored by Publix and a Walmart Supercenter, and benefits from its prime location at the intersection of two highly trafficked thoroughfares. Flamingo Pines Plaza is also immediately adjacent to the 1.1 million square foot Pembroke Lakes Mall, which features national anchors such as Macy’s, JCPenney, and a new 9,000-square-foot AMC Theater.
Pembroke Pines is a premier suburban community located in Broward County, less than 30 minutes from Miami and is just minutes from downtown Fort Lauderdale. Its proximity to both I-75 and I-595 allow easy access to both central business districts in Miami and Fort Lauderdale.
“Although the deal had already been in the market for a few weeks when we received this assignment, Meridian was able to leverage our exceptional lender relationships and retail experience to deliver a superior offer with higher proceeds, interest-only payments, and a longer amortization schedule,” said Mr. Meiteles.
Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2016, Meridian closed $35 billion in loan volume and sold over $2 billion in commercial properties. Since inception, the company has closed more than $270 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com