Meridian Capital Group, America’s most active debt broker, negotiated $15.5 million in financing for the acquisition of the Tatum Place multifamily property, located in Scottsdale, AZ.
The three-year loan, provided by a debt fund, features full-term interest-only payments and two one-year extension options. This transaction was negotiated by Meridian Managing Director, Seth Grossman and Vice President, Sarah Kuebler, who are both based in the company’s Carlsbad, CA office.
Tatum Place, located at 16801 North 49th Street, is a two-story, 164-unit multifamily property, situated in the highly desirable Northeast section of Phoenix and offers direct access to major arterial roads, including North Tatum Boulevard and Bell Road. Tatum Place is in close proximity to five of Arizona’s premier destinations for shopping, dining and nightlife, which are Paradise Valley Mall, Kierland Commons, Scottsdale Quarter, Desert Ridge Marketplace and High Street. Amenities include two swimming pools, sun decks, a spa and fitness center, an on-site laundry facility, gated access and covered parking spaces.
“Approximately 25% of Tatum Place’s units interiors have been upgraded and the property is in close proximity to major highways, as well as a variety of restaurants and shops, which makes this a desirable property for home seekers,” said Mr. Grossman. “Because of the property’s upside potential, Meridian was able to negotiate full-term interest-only payments and two one-year options to extend the loan.”
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