Meridian Capital Group, America’s most active dealmaker, arranged $15 million in financing for the refinance of a portfolio consisting of nine mixed-use, multifamily, and commercial properties in Chicago, IL.
The 15-year loan, provided by Alliant Credit Union, features a rate of 4.75% for the first five years in addition to four years of interest-only payments followed by a 30-year amortization schedule. This transaction was negotiated by Meridian Managing Director, Gershon Friedman, who is based in the company’s Skokie, IL office.
Located throughout Chicago in some of the city’s most prominent neighborhoods, including Old Town, Bucktown, Lincoln Park, and Uptown, the nine-property portfolio features nine retail tenants and 78 rental units.
“Meridian was able to increase cash flow and generate rate savings by converting an older CMBS loan to a lower-rate conventional loan with four years of interest-only payments and no reserves,” said Mr. Friedman.
Chicago is one of the largest cities in the United States with a population of almost three million. Located on the southwestern shore of Lake Michigan in Illinois, the city is the birthplace of the skyscraper, featuring iconic building such as the John Hancock Center, Willis Tower, and Tribune Tower. The city is also renowned for its museums, including the Art Institute of Chicago, and is serviced by one of the top three busiest airports in the country, Chicago O’Hare, which saw nearly 39 million passengers in 2017.
Founded in 1991, Meridian Capital Group is America’s most active dealmaker 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.