Meridian Capital Group has recently announced the arrangement of $10,500,000 in financing for Garrett Creek Center, a 104,000 SF shopping center at the southwest corner of US 169 and 116th Street North in Owasso.
Allan Lieberman and Ronnie Levine of Meridian’s New York office negotiated on behalf of Group Blaksley to secure a rate of 6.10% over an 11-year and 2-month term.
The financing is structured as a construction loan that automatically rolls into a permanent mortgage with the rate fixed through both periods. The construction loan is interest-only, which converts to a 30-year amortization during the permanent loan period.
The sponsor is planning to build a shopping center anchored by Reasor’s Supermarket as part of a multiphase development project.