Meridian Capital Group, America’s most active dealmaker, arranged $117 million in financing for the ground-up construction of a luxury high-rise multifamily property in Los Angeles, CA on behalf of J.H. Snyder Company & OGO Associates of Wilshire.
The five year non-recourse construction loan, provided by a balance sheet lender, features full-term interest-only payments and was negotiated by Meridian Senior Managing Director, Seth Grossman, and Vice Presidents, Steve Edelstein and Jackie Tran.
The Residences at Wilshire Curson is located in the heart of the Miracle Mile District of Los Angeles and is immediately adjacent to SAG-AFTRA Plaza, which is also owned by J.H. Snyder & OGO Associates of Wilshire. The property is steps away from the La Brea Tar Pits and the Natural History Museum and is also less than a mile from The Grove and Farmers Market. The Miracle Mile District is a pedestrian-friendly community that continues to attract major businesses and has been undergoing significant redevelopment over the past few decades, including the expansion of the Los Angeles County Museum of Art (LACMA), the Academy Museum of Motion Picture Arts and Sciences, the redesign of the Peterson Automotive Museum, and the building of a new metro station to service the area.
“The Residences at Wilshire Curson will bring a luxury apartment living option to the Miracle Mile that has been missing. After initial plans to develop a class-A office tower, we recognized that an apartment project of this scale holds substantial pent up demand. We are so excited to finally break ground and continue our company’s legacy of developing along this Wilshire corridor,” said Lon Snyder, a Partner of J.H. Snyder Company.
“Non-recourse loan bids for this project were as competitive as I’ve seen in my career for ground-up construction” stated Grossman. “It’s a testament to the strength and track record of our client. They have planned to build on this site for decades and have been patient and thoughtful in their approach. The market recognized that and could not have been more supportive of the project.”
Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2017, Meridian closed over 3,000 transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California.