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12/12/14
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Noddle Companies has obtained $15.5 mil in refi money for Broadmoore Towne Center, a 143.7k sf shopping center in Colorado Springs, CO. The CMBS loan was arranged by Meridian Capital Group LLC.
The center, located at 1818-2014 Southgate Rd, houses a number of notable tenants including Gordman’s, 24 Hour Fitness and Office Depot. The property is on a ground lease that expires in nine years and has two 10-year renewal options.
The seven-year loan features a competitive fixed-rate of 4.51% and a 198-month amortization schedule. The transaction was negotiated by Meridian Capital Group Associate, Sean Silverbrook, and Managing Director, Brian Flax, who are both based in the company’s New York City headquarters.
“The short-term expiring ground lease presented significant challenges for lenders because of the increased refinance risk,” said Mr. Flax. “Meridian worked closely with the lender and the sponsor to create a highly structured solution that would be acceptable to the CMBS bond market. By communicating directly with the B-piece buyer for the upcoming securitization, we were able to produce a favorable outcome for a very complex situation,” he added.
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