Meridian Capital Group, America’s most active dealmaker, arranged $16.5 million in financing to refinance Kingsley Drive Apartments, a multifamily property in Los Angeles, CA on behalf of Decron Properties.
The seven-year loan, provided by a life insurance company, features full-term interest-only payments and was negotiated by Meridian Senior Managing Director, Seth Grossman, and Vice President, Jackie Tran, who are both based in the company’s Southern California offices.
Located at 737 South Kingsley Drive in the Koreatown neighborhood of Los Angeles, Kingsley Drive Apartments is a five-story complex consisting of 83 one- and two-bedroom apartments. Originally built in 1988, a portion of the apartments were renovated in 2016 and 2017 and feature upgrades such as quartz countertops, stainless steel appliances, wine coolers, tile flooring and updated fixtures. Residents also benefit from an array of community amenities, including a pool, spa, fitness center, putting green, and driving range.
Currently, the property is subject to the California Housing Finance Agency’s Below Market Rate “BMR” housing program, which requires 20% of the units be reserved for, or occupied by, individuals or families with assistance under Section 8 or whose income does not exceed 80% of the area median income. The program expires in February of 2019, at which point all units will be renovated and rented at prevailing market rates.
Kingsley Drive Apartments is situated in the heart of Koreatown, an infill market with proximity to downtown Los Angeles that benefits from the many urban amenities that surround it, including restaurants, grocery stores, shopping, and boutique coffee houses. The Los Angeles Times reported that the neighborhood is the most densely populated district by population in Los Angeles County, with a population of more than 205,000.
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.