MERIDIAN CAPITAL GROUP ARRANGES $9,575,000 IN FINANCING FOR MULTIFAMILY IN CULVER CITY, CA
Culver City, CA - Meridian Capital Group recently arranged a loan in the amount of $9,575,000 for the refinancing of two multifamily buildings containing a total of 60 units. Managing Director Alex J. Katz, and Brian Bowis of Meridian’s Los Angeles office negotiated to secure a fixed rate of 6.125% for a seven-year term with three years of interest only payments. A commitment was issued to the borrower in less than
30 days.
The property was purchased in spring 2007 and is currently operating at a break even, 1.0 debt service coverage ratio. Meridian negotiated a nominal amount of recourse, which burns off upon stabilization.
This highly structured loan has enabled the borrower to cash out $1,500,000 after owning the property
for only six months.
Founded in 1991, Meridian Capital Group LLC is one of the nation’s largest mortgage brokerages serving the multifamily and commercial real estate sectors. The company is based in New York City with additional offices in New Jersey, Pennsylvania, Maryland, Illinois, Florida, California, and Texas. Working with a wide variety of lenders, Meridian finances transactions ranging from $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, self-storage, industrial, and construction properties. Nationally, Meridian reported more than 2,500 transactions in 2006, totaling over $17 billion. |
