LOS ANGELES—New York-based investor Ashkenazy Acquisition Corp. has secured $210 million for the purchase of the Beverly Connection Center. Last month, the investor completed purchasing the property from Vornado Realty Trust, a fully integrated REIT, for $260 million, GlobeSt.com reported earlier.
Meridian Capital Group senior managing director Ronnie Levine and managing director Jeffrey Berkes, based in the firm’s New York City headquarters office, secured the funds on behalf of the investor. The CMBS loan has a 10-year term with a fixed rate and interest only payments for the full term of the loan. According to Levine, the firm chose this financing structure because of the center’s strong tenancy and trophy status.
The original reporting notes that Ashkenazy planned to finance only $21 million, purchasing the remaining $239 million in cash. However, sources reveal that $210 million was financed through Meridian Capital for the purchase. Meridian Capital did not respond to a request for comment about the transaction.
Beverly Connection is a 335,000-square-foot retail center. The center has recently been fully renovated and repositioned with an investment-grade tenant mix. Current tenants include CityTarget, Nordstrom Rack, Marshalls, TJ Maxx, Ross and Old Navy as well as Saks Off-Fifth, which has signed a lease and will take occupancy in the summer of 2015.