MERIDIAN CAPITAL GROUP ARRANGES NON-RECOURSE BRIDGE FINANCING FOR GEORGIA
MIXED-USE PROPERTY
Duluth, GA - Meridian Capital Group recently arranged cash out re-financing in the amount of $21,565,000 for a 308,000 square foot mixed-use property located at 2651 Satellite Boulevard. Seth Grossman and Noam Kaminetsky of Meridian’s Florida office negotiated to secure a 2.60% spread over 30-day Libor on a 2-year, interest only term. The fully non-recourse loan also provided the funds for the purchase of additional adjacent land that closed simultaneously with the loan. The property is currently 60% leased, so the loan will finance future tenant improvements and leasing commissions as well as the construction of a second parking lot. The property sits on a lot of land which can be developed into hundreds of multifamily units and significant retail and commercial space.
The main challenge was closing the loan in the toughest of times the real estate market has seen in years. “While lenders were re-trading loan terms right and left ” Grossman said, “we are able to close the loan with the spread, loan dollars, and interest only components exactly as quoted.”
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.
|
