FULLERTON, CA—GlobeSt.com has learned exclusively that Meridian Capital Group has arranged $26 million in financing for the Crossroads Shopping Center, a 222,000-square-foot retail property at 3200-3362 E. Yorba Linda Blvd. here, on behalf of a Los Angeles-based family office. The 10-year mortgage, provided by a CMBS lender, features a competitive fixed rate of 4.73% and interest-only payments for the full term.

The transaction, a refinancing agreement, was negotiated by Meridian's managing director Seth K. Grossman, along with associate Sarah Kuebler, both based in the firm's Carlsbad, CA, office. “The cash-out component of the loan was well in excess of the defeasance penalty that had to be paid in order to refinance,” says Grossman. “By making a market for this loan among leading CMBS lenders, Meridian quickly generated competition and ultimately negotiated an interest rate that saved our client more than 200 basis points as compared with their previous interest rate.”

Crossroads is anchored by a Ralphs supermarket and a Kohls department store and features other notable tenants including Starbucks and Union Bank.

Meridian has been involved in several significant financing transactions for a variety of property types of late, including $33.2 million in financing for the joint-venture purchase of the newly built Infinity Apartments in Edgewater, NJ; $200 million in acquisition financing for mixed-use property 530 Broadway in New York City; and $142 million for the mortgage on a class-A office property at 470 Vanderbilt Ave. in Brooklyn, NY.