Meridian Capital Group, America’s most active dealmaker, negotiated $19.9 million in bridge financing for the acquisition of the Ivy Park Homes multifamily property in Chicago, IL.
The three-year loan, provided by a national balance sheet lender, features full-term interest-only payments and two one-year extension options. This transaction was negotiated by Meridian Senior Vice President, David Hayum, who is based in the company’s New York City headquarters.
Ivy Park Homes is a rental townhome community located in the South Side neighborhood of Chicago. Situated on a tree-lined street, the townhomes sit on 80 acres of landscaped grounds. Each unit features modern kitchen appliances, washer and dryer connections, ceiling fans and hardwood floors. Community amenities include a basketball court, a jogging path, a softball field and on-site parking. Ivy Park Homes is in close proximity to Interstate 94 and the Chicago Transit Authority bus and train station. Residents are a short distance from the Chicago Ridge Mall and the Cineplex movie theatre.
“Ivy Park Homes was 62% occupied at the time of financing and Meridian was able to work with the lender to negotiate favorable terms with a capital expenditure reserve for the renovation and lease-up period,” said Mr. Hayum.
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