Meridian Capital Group, America’s most active debt broker, negotiated $10 million in bridge financing for the Commodore of Hollywood Apartments in Los Angeles, CA on behalf of Wilshire Skyline.
The three-year loan, provided by a balance sheet lender, features a LIBOR-based floating rate, interest-only payments and two one-year extension options. This transaction was negotiated by Meridian Vice President, Kovi Elkus and Managing Director, Seth Grossman who are both based in the company’s Carlsbad, CA office.
The Commodore of Hollywood Apartments, located at 1830 North Cherokee Avenue, is a five-story, 73-unit apartment complex. The property is situated in the heart of prime historic Hollywood and offers tenants direct access to a variety of restaurants, shopping and some of Hollywood’s world renowned attractions, including the Grauman Chinese Theatre, the Hollywood & Highland shopping center, the Musician’s Institute and the Hollywood Walk of Fame. Built in 1926, the Commodore of Hollywood Apartments was remodeled and features luxury apartments with large walk-in closets, dining rooms and great kitchens. Community amenities include parking, a recreational room with two pool tables, and a business center.
“It was paramount to identify a lender that appreciated the property’s prime location and understood its potential upside,” explained Mr. Elkus. “Meridian negotiated a bridge loan that will allow the client to add tremendous value to the building and adjust rents to market value,” he added.
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