$13m Las Vegas deal.Meridian Capital Group arranged construction financing for a prominent Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. based developer in the amount of $13,150,000 for a Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into totaling 84,239 s/f. Sherwin Aryeh of Meridian's California office negotiated to secure a rate of 2.25% + LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). for an 18 month, interest only term with a 6 month extension option. The project was 28% pre-leased with tenant's including Fresh & Easy, AT&T Mobile and Cici's Pizza. Despite the challenges faced due to the recent turmoil in the credit markets, a letter of intent was issued within 3 business days and the transaction was completed within 60 days. |
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