Meridian Arranges Refi on Net-Leased Portfolio of Medical Office, Retail Assets
Meridian Capital Group arranged $35.5 million to refinance the Hirschfield Portfolio containing 18 separate commercial properties in California, Colorado, Florida, Georgia, Illinois, North Carolina, New Mexico, New York, Oklahoma, Pennsylvania, and Virginia on behalf of ELH Management.
The 25-year, self-liquidating loan resets at 15 years, features one 10-year extension option, and was provided by a life insurance company. It was negotiated by Meridian senior managing director Morris Betesh and VP Alex Bailkin, both based in the company’s New York City headquarters.
The Hirschfield Portfolio consists of 18 properties and 21 commercial units net-leased to predominantly medical office tenants and high credit retailers. Notable tenants include East Carolina University, Rocky Mountain Urgent Care, Bojangles, Advanced Auto Parts, US Healthworks, and Alliance Health.
“It was a pleasure working with the Meridian team,” said Larry Hirschfield, president of ELH Management. “They were able to obtain financing that would amortize with a term longer than 10 years, which is atypical.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).