November 28, 2018, Los Angeles, CA – Meridian Capital Group, America’s most active dealmaker, arranged $5.5 million in financing to refinance The Covell Building, a mixed-use property in Los Angeles, CA.
The 10-year CMBS loan features a fixed rate and full-term interest-only payments. This transaction was negotiated by Meridian Senior Managing Director, Seth Grossman, and Associate, Andy Strauss, who are based in the company’s Southern California offices.
Located at 4642-4632 Hollywood Boulevard, the two-story mixed-use buildings span more than 15,000 square feet and feature an array of retail tenants on the ground floors, including Homestate, Go Get Em Tiger, Covell Wine Bar, and McConnell’s Ice Cream, with Hotel Covell occupying the second floor of the properties. The boutique second floor hotel consists entirely of individually curated suites, each featuring a customized theme, complete with an array of design elements and amenities unlike any hotel in the market. As such, in addition to serving as a popular tourist and local getaway destination, Hotel Covell has become a favorite in the pop-culture scene for those working in the music, film, and television industry.
The Covell Building’s unbeatable location on Hollywood Boulevard is in close proximity to an array of shops and restaurants in Hollywood and Los Feliz and a quick drive from downtown Los Angeles, while still remaining far enough removed to offer guests a peaceful experience.
“The unique tenant mix of these two adjacent buildings caters extremely well to the neighborhood and is in direct contrast to what was in place at the time of purchase,” said Mr. Grossman. “These two buildings were separately acquired by our client years ago while in distress. The total transformation was recognized by lenders and led to excellent refinance options.”
Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com