Meridian Arranges $18M Acquisition Loan for PA Shopping Center
Meridian secured a CMBS loan for the buyers. The acquisition includes a 16-acre empty lot located behind the shopping center, which will be used for future development.
By Tudor Scolca
Dillsburg Shopping Center
Meridian Capital Group has arranged for $18 million in acquisition financing for an affiliate of RW Partners Inc and Vastgood Properties. The partnership purchased a 153,000-square-foot shopping center in Dillsburg, Penn., along with an adjacent land parcel, for $24.4 million.
The CMBS loan has a five-year period of interest-only payments, followed by a 30-year amortization schedule. Bryan Kallenberg, vice president at Meridian, negotiated the financing package.
The shopping center is located at 830 N. U.S. Route 15, a thoroughfare which has an annual average daily traffic between 35,000 and 36,000 vehicles, according to the Pennsylvania Department of Transportation. The property is the only such shopping center in Dillsburg. A Giant Food supermarket is the anchor tenant, occupying 55,000 square feet. Other large tenants include Tractor Supply Co., McDonald’s, Rite Aid, Dollar Tree and Subway, among others. The empty lot located behind the center totals 16 acres and will be used for future development.
“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,” said Kallenberg in a prepared statement.
Image courtesy of Meridian Capital Group
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