Meridian Capital Group, America’s most active dealmaker, arranged $28.5 million in agency financing to refinance Siena on Baseline multifamily property, on behalf of P.B. Bell Companies.
The seven-year, non-recourse loan, provided by an agency lender, features a floating rate and two years of interest-only payments. This transaction was negotiated by Meridian Managing Director, Seth Grossman, Vice President, Sarah Kuebler, and Associate, Ryan Gandell, who are all based in the company’s Carlsbad, CA office.
“Meridian originally financed the acquisition of Siena on Baseline on behalf of P.B. Bell less than 24 months ago,” explained Mr. Grossman. “Due to the attractive Phoenix market, coupled with strong management and the extensive upgrades our client has completed, there has been a significant increase in the property’s performance since the acquisition,” he added. “P.B. Bell’s proven track record, having executed this identical business plan many times before, helped Meridian negotiate very favorable terms for our client.”
Siena on Baseline, located at 4520 East Baseline Road, is a two-story, 352-unit garden-style multifamily property in Phoenix, AZ. The property’s ideal location offers direct access to a number of freeways, including Interstate 10 and Superstition Freeway, as well as Downtown Phoenix, the Phoenix Convention Center and Arizona State University.
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