Meridian Capital Group arranged $22 million in financing for the refinance of Central Crossing, a shopping center in Spring Valley, NY.
The 10-year loan, provided by a balance sheet lender, features a rate of 4.25 percent and a 30-year amortization.
The loan was negotiated by Eli Serebrowski, who is based in the company’s New York City headquarters.
Central Crossing is a 115,000 s/f property located at 175 East Central Avenue in Spring Valley, NY. It was purchased several years ago at 96 percent vacancy and has been extensively renovated into a modern shopping destination equipped to house 25 tenants. Currently, Central Crossing is 98 percent leased to retailers such as Food Fair, Planet Fitness, and Popeyes.
“Getting a lender on board for a large cash-out refinance on a shopping center in Spring Valley was challenging until we brought them to the property with the sponsor,” said Serebrowski. “Doing a complete walkthrough with both parties revealed Central Crossing’s strengths and the lender quickly produced a competitive offer.”
