Outside the Region: Kallenberg of Meridian Capital Group arranges $16.9 million for Vastgood Properties purchase

Rising Sun, MD Meridian Capital Group negotiated $16.9 million in CMBS financing for the acquisition of the Rising Sun Towne Center on behalf of Long Island-based Vastgood Properties. Vastgood Properties purchased the Rising Sun Towne Center from Brixmor Property Group Inc. for $22.8 million.

The five-year CMBS loan, provided by Cantor Commercial Real Estate, has a fixed rate of 4.65% and full-term interest-only payments. This transaction was negotiated by Meridian senior associate Bryan Kallenberg, based in the company’s NYC headquarters. 

The Rising Sun Towne Center, located at 42-60 East Main St., is a single-story, 147,000 s/f shopping center. Anchored by a 73,000 s/f Martin’s Food supermarket , an affiliate of Giant Foods and Ahold/Delhaize; the property’s other tenants include Dollar Tree, Pet Valu, Big Lots, Hibbett Sports, and McDonald’s. 

“Vastgood Properties engaged Meridian to arrange financing that maximized both leverage and cash flow to achieve the lowest monthly debt service costs for its investors,” said Kallenberg. “Given Meridian’s leadership position in the CMBS market, Meridian quickly identified the team at Cantor Commercial Real Estate, led by Jeff Froccaro, as the strongest fit for this loan and negotiated a five-year, full-leverage loan with full-term interest-only payments.” 

Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2016, Meridian closed $35 billion in loan volume and sold over $2 billion in commercial properties. Since inception, the company has closed more than $270 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California.