LOS ANGELES—New York-based investor AshkenazyAcquisition Corp. has secured $210 million for thepurchase of the Beverly Connection Center. Lastmonth, the investor completed purchasing the property fromVornado Realty Trust, a fully integrated REIT, for$260 million, GlobeSt.com reported earlier.


Meridian Capital Group senior managing directorRonnie Levine and managing directorJeffrey Berkes, based in the firm's New York Cityheadquarters office, secured the funds on behalf of the investor.The CMBS loan has a 10-year term with a fixed rateand interest only payments for the full term of the loan. Accordingto Levine, the firm chose this financing structure because of thecenter's strong tenancy and trophy status.


The original reporting notes that Ashkenazy planned to financeonly $21 million, purchasing the remaining $239 million in cash.However, sources reveal that $210 million was financed throughMeridian Capital for the purchase. Meridian Capital did not respondto a request for comment about the transaction.


Beverly Connection is a 335,000-square-footretail center. The center has recently been fullyrenovated and repositioned with an investment-grade tenant mix.Current tenants include CityTarget,Nordstrom Rack, Marshalls,TJ Maxx, Ross and OldNavy as well as Saks Off-Fifth, which hassigned a lease and will take occupancy in the summer of 2015.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.