Oheb of Meridian Capital Group arranges $13.7 million refinancing for BJ’s Wholesale

David Oheb, Meridian Capital Group

Plymouth, MA Meridian Capital Group arranged $13.7 million in permanent financing for the refinance of a triple-net leased retail property, BJ’s Wholesale Club. The 10-year loan, provided by a balance sheet lender, features an exceptionally low fixed-rate of 2.94% with two years of interest-only payments. This transaction was negotiated by Meridian associate, David Oheb, who is based in the company’s New York City headquarters.

BJ’s Wholesale Club, located at 105 Shops at Five Way, anchors the 300,000 s/f Grove at Plymouth, a much sought after regional outdoor shopping center.

BJ’s Wholesale Club - Plymouth, MA

The sale of BJ’s Wholesale Club provided the new owner 119,598 s/f of retail space with a fueling station that sits off the Rte. 3 corridor, which is a major commuter route to Boston, as well as the primary artery that funnels vacationers to and from Cape Cod. With no wholesale competition within a 30 mile radius, BJ’s Wholesale Club has capitalized on this prime regional location and has generated consistently strong store sales since opening in 2004.

“The 2.94% interest rate that we locked in for our client is one of the lowest ten-year fixed rates closed by Meridian,” said Oheb. “After the United Kingdom’s referendum to withdraw from the European Union in early July 2016, the 10-year U.S. Treasury rate fell to its lowest point in history. There has never been a better time to get off the sidelines and take advantage of today’s capital markets.”

Founded in 1991, Meridian Capital Group is America’s most active debt broker and one of the nation’s leading commercial real estate finance advisory firms. In 2015, Meridian closed over 3,900 loans totaling more than $35 billion in transaction volume with 210 unique lenders, equating to $135 million per business day. Since inception, the company has closed more than $250 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 arranges financing for 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.