Meridian Capital Group, America’s most active dealmaker, arranged $18 million in acquisition financing for the Dillsburg Shopping Center located in Dillsburg, PA. The shopping center and adjacent land parcel were purchased by an affiliate of RW Partners, Inc. of Plymouth Meeting, PA and Vastgood Properties of Port Washington, NY. The total purchase price including the land was $24.4 million.
The $18 million CMBS loan features five years of interest-only payments followed by a 30-year amortization schedule and was negotiated by Meridian Vice President, Bryan Kallenberg, who is based in the company’s New York City headquarters.
Located on US-15 in Dillsburg, PA, the Dillsburg Shopping Center spans 153,000 square feet and is anchored by Giant Stores supermarket. Giant, which is headquartered in nearby Carlisle, PA, is a subsidiary of Ahold Delhaize, one of the world’s largest owners of food stores, which has guaranteed the Giant lease. Other notable tenants include Tractor Supply, Dollar Tree, Little Caesars, Subway, H&R Block, Rite Aid, Advance Auto Parts, McDonalds, Fulton Bank, AT&T, and Verizon. All tenants at the property reported sales well above the national average.
“Our client asked us to identify a lender who was both familiar and comfortable with the asset type and could provide the most interest-only possible,” said Mr. Kallenberg. “After first speaking with many regional lenders, Meridian was able to secure a national CMBS lender that could maximize proceeds and interest-only in line with the sponsor’s requirements.”
Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2017, Meridian closed over 3,000 transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property. 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, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida, and California.
