National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Meridian Arranges Refi on Suburban Vegas Office Complex
Meridian Capital Group recently arranged $33.7 million on behalf of Hertz Investment Group, a fully integrated real estate firm with properties in 21 cities, to refinance and stabilize the Cheyenne Corporate Center in suburban Las Vegas. The transaction was negotiated by Meridian senior managing director Seth Grossman and SVP Jackie Tran, both based in Southern California.
The 48-month loan, which comprises $29.7 million in initial funding and $4 million to stabilize the property, features full-term, interest-only payments at a competitive interest rate. The loan refinances the acquisition loan originated by a debt fund and gives Hertz and its investors long-term savings.
Purchased by Hertz in 2017, the nine-building, 321,000-square-foot, class-A suburban office complex is located at 3291 N, Buffalo Dr. in the Las Vegas suburb of Summerlin.
“We are committed to the property and are highly optimistic about the local office market,” said Robert Licht, Hertz EVP and CFO.
- ◦Financing
