Meridian had been valued at more than $150 million. In 2008, the previous owner, an affiliate of private equity firm Cerberus Capital Management, defaulted on a $120-million loan it obtained to refinance the property.
Beco, which purchased the park in an all-cash transaction, says it will set up a new division there and plans to invest another $25 million as part of a "first phase of the revitalization" of the property.
To read the full story from the Charlotte Business Journal, click here.
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