Meridian Capital Group, America’s most active dealmaker, arranged $7.75 million in acquisition financing for a retail property in Beverly Hills, CA.
The bridge loan, provided by a balance sheet lender, features interest-only payments and was negotiated by Meridian Vice President, David Oheb, who is based in the company’s New York City headquarters
The two-story, 7,200 square foot trophy property is located at 362 North Camden Drive in the coveted Platinum Triangle area of Beverly Hills, known for its world-class dining and shopping. One block west of famed Rodeo Drive, the property is adjacent to leading restaurants, hotels, and luxury retailers including Prada, Gucci, Cartier, and Chanel. The property is slated to temporarily house Madeo, a decades-old Los Angeles hotspot frequented by A-list celebrities, as the restaurant’s current home at 8899 Beverly Boulevard is redeveloped by Townscape Partners and Angelo, Gordon & Co. into a luxury condominium building.
“Given Meridian’s strong relationship with the lender and the sponsor’s track record, we were able to negotiate highly favorable terms at 85% loan-to-cost for the acquisition of the property,” said Mr. Oheb.
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