Meridian Capital Group, America’s most active dealmaker, arranged $15.5 million in acquisition financing for a multifamily community in Phoenix, AZ on behalf of Emma Capital Investments, Inc.
The five-year loan features a fixed-rate and one year of interest-only payments followed by a 30-year amortization schedule. This transaction was negotiated by Meridian Senior Managing Director, Seth Grossman, and Vice President, Sarah Kuebler, who are both based in the company’s Solana Beach, CA office.
Located at 1502 East Osborn Road, Zazu Pannee Park Regent is a multifamily community consisting of 184 studio, one-, two-, and three-bedroom apartments located in the heart of Midtown Phoenix. All units underwent extensive renovations in 2008 and now average 800 square feet and feature amenities such as hardwood cabinetry, recessed lighting, granite countertops, stainless steel appliances, mosaic tile backsplashes, and French doors opening onto private balconies and patios. Community benefits include two heated swimming pools with a custom cabana, spa, and resident picnic area in addition to an onsite 3D movie theater, fitness center, outdoor amphitheater, library, and large open courtyards complete with lush landscaping.
“At acquisition, the in-place rents were below market and there were many short-term leases. Meridian demonstrated the immediate ability to achieve higher rents, as well as the sponsor’s business plan to perform interior and exterior renovations to achieve standard market rents,” said Mr. Grossman.
Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2017, Meridian closed over 3,000 transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property. Since inception, the company has closed more than $300 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. 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, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California.