Press Releases

Meridian Capital Group Arranges $27.8 Million in Acquisition Financing for a Three-Property Multifamily Portfolio in Escondido, CA

Meridian Capital Group, America’s most active dealmaker, arranged $27.8 million in acquisition financing for the purchase of a three-property multifamily portfolio in Escondido, CA, on behalf of Clear Sky Capital, Inc.

The three-year initial loan term, provided by a balance sheet lender, features full-term interest-only payments with two one-year extension options. This transaction was negotiated by Meridian Managing Director, Seth Grossman, and Vice President, Sarah Kuebler, who are both based in the company’s San Diego, CA office.

The Clear Sky Capital portfolio consists of three multifamily properties, totaling 193 units and offers a mix of studio, one-, two-, and three-bedroom apartments. The Grand Villa, Tanglewood, and Garden View are located in one of San Diego County’s oldest cities and are in close proximity to each other, as well as major transportation routes, including the Interstate 15 Expressway, the Escondido Freeway, and San Pasqual Valley Road. Ideally situated near restaurants, cafes, and shopping centers, residents of all three properties enjoy a vibrant arts and cultural scene in Escondido and may also travel 30 miles south to discover Downtown San Diego’s bars, night clubs, upscale dining, and entertainment.

“Meridian was able to demonstrate the value-add potential of each property through unit and common area renovations to achieve higher rents, while also highlighting the sponsor’s ability to lower expenses as they have successfully done many times in the past with similar vintage assets,” said Mr. Grossman. “Our client sourced this unique off-market opportunity to acquire 193 units in a high-growth market and the negotiated financing should assist them to effectively execute their business plan.”

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.