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10/26/16
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The Festival Companies has recapitalized a retail property in Sherman Oaks with a new $18.5 mil loan. The loan was arranged by Meridian Capital Group and funded through a regional bank.
The property, located at 4550 Van Nuys Blvd, on the south side of the 101 Fwy, is a single-story, 33.3k sf property that includes newly signed leases to notable tenants including Ulta Beauty, Sprint, Luna Grill and Starbucks. The property is situated one exit east of the 101 and 405 Freeways. It is also the former site of a Baskin-Robbins 31 Flavors franchise that was where RENTV’s Wolfsheimer had his first job while in high school, oh, a few years ago.
The loan features two years of low rate interest-only payments and a one-year extension option. This transaction was negotiated by Meridian’s Seth Grossman and Andy Strauss, who are both based in the company’s Carlsbad office.
“Meridian initially arranged LA-based Festival’s acquisition financing for the project in 2014 when they purchased the fee position encumbered with a groundlease nearing expiration. The business plan of collapsing the groundlease upon expiration was successfully executed and thereafter the value-add of re-leasing the center with stronger, national tenants gained momentum as Festival brought new life to the project,” said Grossman. “The purpose of this refinance is to fund these transformative improvements at the property,” he added.
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