Riverside, Calif. — Meridian Capital Group has arranged $12.5 million in CMBS financing for the refinance of Tyler Gateway Shopping Center in Riverside.
The borrower was The Festival Cos., a Los Angeles-based developer and operator of retail and mixed-use properties. The 10-year loan, provided by a CMBS lender, features five years of interest-only payments and a fixed interest rate. Seth Grossman and Andy Strauss of Meridian negotiated the financing. Tyler Gateway Shopping Center consists of two retail buildings totaling 25,000 square feet. Tenants at the center include Ulta Beauty, AT&T, Habit Grill, Panera Bread, Chipotle Mexican Grill and Yogurtland.