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9/03/15
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Festival Development Corporation has obtained $11.7 mil in ground-up construction and mini-perm financing for the redevelopment of the Tyler Gateway retail property located on Tyler St in Riverside.
The 24-month construction loan with a mini-perm extension was arranged by Seth K. Grossman and Andy Strauss of Meridian Capital Group, and provided by a regional balance sheet lender. It features interest-only payments during the initial term, a floating-rate below 3.00% and is pre-payable any time without a penalty. This transaction was negotiated by Meridian Managing Director, Seth K. Grossman and Associate, Andy Strauss, who are both based in the Company’s Carlsbad office.
The existing property, currently configured as a single 15k sf building, will be repositioned and modernized. A new 10k sf standalone building will also be constructed next to the existing building.
Tyler Gateway is pre-leased to Panera Bread, Chipotle, AT&T, The Habit and Ulta. The asset is located on a Target pad site and is across from one of the strongest performing regional malls in the area. The property site was originally ground leased from Target for a 20-year term and was recently purchased by the sponsor, thereby collapsing the ground lease and consolidating the ownership.
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