Meridian Capital Group, America’s most active debt broker, arranged $27 million in agency financing for the purchase of two luxury multifamily properties located in Las Vegas, NV, on behalf of an affiliate of Angelo, Gordon & Co. in Los Angeles, CA.
The 10-year Fannie Mae loan, provided by Capital One Multifamily Finance, features an exceptional floating interest rate with a spread below 2.00% over LIBOR and 10 years of interest-only payments. 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.
Tower at Tropicana, located at 6575 West Tropicana Avenue and Gloria Park Villas, located at 3025 South Decatur Boulevard, total 500 units and have become highly desirable rental properties because of the luxury amenities and close proximity to the Las Vegas Strip, as well as three major freeways. All apartments feature spacious floorplans with fireplaces, balconies and gourmet kitchens. Community amenities include hot tubs, pools, barbeque areas, spas and picnic areas. Tenants enjoy direct access to the Interstate 15, U.S. Route 95, U.S. Route 93 and a 15-minute to McCarran International Airport.
“Our client purchased two luxury properties that are conveniently located and well-maintained, at a fantastic basis,” stated Mr. Elkus. “The past owners invested in capital improvements during the downturn and now as the economy improves our client is going to reap the benefits with higher rents and a more hands-on ownership style,” 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