Meridian Capital Group, America’s most active dealmaker, arranged $5 million in acquisition financing for a multifamily property in Imperial Beach, located just south of downtown San Diego, CA, on behalf of Clear Sky Capital, Inc.
The three-year loan features a fixed rate and one year of interest-only payments. This transaction was negotiated by Meridian Senior Managing Director, Seth Grossman, and Vice President, Sarah Kuebler, who are both based in the company’s Carlsbad, CA office.
“At acquisition, the property was entirely occupied but rents were significantly below market and there were no long-term leases in place,” said Mr. Grossman. “Meridian demonstrated to lenders the immediate ability to achieve higher rents, as well as the sponsor’s business plan to perform interior and exterior renovations to achieve market rents.”
Located at 870 13th Street, the 33-unit multifamily property is located just one-and-a-half miles from the beach. Amenities include walk-in closets, security screen doors, standard appliance packages, private balconies, a large courtyard and picnic area, carports and open parking spaces, and an on-site laundry facility.
Imperial Beach is located 13 miles south of downtown San Diego and nine miles from Coronado Beach. The city connects to Coronado by way of Silver Strand, a narrow, seven-mile-long isthmus. Imperial Beach encompasses nearly four miles of impeccable beaches, and activities such as volleyball and surfing are popular in the area, particularly north of the Imperial Beach Pier and at the Boca Rio beach break, one of San Diego’s best surf spots. The property is easily accessible via Interstate 5 and the San Diego International Airport.
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