MERIDIAN CAPITAL GROUP ARRANGES OVER $33 MILLION IN FINANCING FOR SEVEN CA PROPERTIES
Los Angeles, West Hollywood, North Hollywood, CA - Meridian Capital Group recently arranged a loan in the amount of $33,450,000 for the refinancing of seven multifamily properties totaling 145 units. Ben Grossman of Meridian’s California office negotiated to secure a rate at sub 5.5% over a ten-year, interest only term.
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Each of the seven properties was recently constructed by the sponsor in Class A locations across Los Angeles. Meridian successfully negotiated to secure the full term interest only feature - which is now a rarity in the market - given the asset quality, locations and sponsorship of the properties.
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 2007, totaling over $16 billion.
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