Highyon Assets Corporation has secured $10.5m to refinance Parkwood Plaza in Orlando, Florida. Meridian Capital Group arranged the five-year loan, provided by a balance sheet lender, featuring a rate of 220 basis points over the 30-day LIBOR that the borrower swapped to a fixed rate of 5.34 percent. The loan offers one five-year extension option and one year of interest-only payments followed by a 25-year amortization schedule. Located at the corner of West Colonial Drive and North John Young Parkway. The six-building, 148,000 sq ft shopping center is anchored by Korean supermarket chain Lotte Plaza Market. Other tenants include McDonald’s, KFC, Taco Bell and Valvoline.
“Though the property’s anchor tenant was still in their build-out phase, Meridian was able to work with the lender to structure the loan as if the shopping center was fully occupied, thus achieving full funding,” said Aryeh Meiteles, Meridian’s vice president. “Meridian also structured an earn-out for future tenant leasing within the year.”
