Dealmaker: Meridian Capital Group Arranges $99M For Florida Portfolio

Meridian Capital Group, New York, arranged $99 million in financing to recapitalize the Boca Office Portfolio on behalf of Titan General Partners LLC, Weston, Fla.

The four-property portfolio contains office and retail space in Boca Raton, Fla.

The South Florida Business Journal reported TJAC Development, Boston, sold the portfolio to Titan.  

Meridian Senior Managing Director Israel Schubert, Managing Director Noam Kaminetzky and Associate Scott Forbes negotiated the five-year commercial mortgage-backed securities loan with full-term interest-only payments.

The Boca Office Portfolio includes Fountains Center at 7000-7700 West Camino Real, City National Bank Plaza at 7000 West Palmetto Park Road, Grove Centre at 21301 Powerline Road and The Boardwalk at 18th Street, located at 6909 Southwest 18th Street. The properties total more than 514,000 square feet of office, medical office and retail space and house anchor tenants including Meridian Capital Group, City National Bank, Truist, Quest Diagnostics and Starbucks.

TJAC purchased the assets between 2012 and 2016 and significantly reconfigured them, including constructing new buildings, completely renovating existing buildings, improving existing interiors and exteriors and major electrical and plumbing upgrades.

Kaminetzky noted multiple challenges during the loan negotiation and closing process, including the inherent complexity associated with a significantly sized CMBS deal with multiple participants, foreign equity investors and treasuries spiking prior to closing. “The deal began just at the onset of COVID,” he said. “As the transaction progressed, the financial markets came to a screeching halt. Meridian worked alongside the buyers, seller and the lenders to create a deal structure that allowed the joint venture to proceed while mitigating COVID risks to the lending group.”