Tridium Group LLC of Dallas obtained $11.5 million in acquisition financing for Wilson Plaza, a 270,000-square-foot office property in Corpus Christi, TX. Jason Grimm, Noam Kaminetzky and Israel Schubert with Meridian Capital Group secured the full-term, interest-only loan from a balance-sheet lender.

Located at 606 N. Carancahua St., Wilson Plaza opened in 1927 as Corpus Christi’s first skyscraper. The building houses 237 tenants and 300 parking spaces. The seller was listed as Wilson Plaza Associates LP.

According to Kaminetzky, the deal had many moving parts. The value-add buy came with below-market occupancy and more than 100 tenants in place, meaning financing was a challenge, he said.

“Many lenders shied away from this deal, but Meridian was able to leverage its relationship with a non-recourse balance sheet lender to structure a deal that provided the lender with sufficient financial protections and coverage checkpoints, while still allowing flexibility for the borrower to execute their business plan.”

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