Meridian Capital Group, America’s most active dealmaker, arranged $171.6 million to refinance One Museum Square, a class-A, newly constructed multifamily property in Los Angeles, CA on behalf of JH Snyder Company.
Despite not having received a Temporary Certificate of Occupancy (TCO) prior to closing, having no pre-leasing prior to closing, and construction not being entirely complete, Meridian was able to successfully negotiate a 10-year fixed rate loan. Provided by a national private equity firm that owns a life insurance company, the loan features full-term interest-only payments and a competitive rate that was locked in the mid 3.00% range at the time the loan application was executed. This transaction was negotiated by Meridian Senior Managing Director, Seth Grossman, and Vice Presidents, Steve Edelstein and Jackie Tran.
“The JH Snyder Company has been one of the most highly regarded developers in Los Angeles for over half a century. The quality of One Museum Square, and debt execution it has received, are testaments to this,” said Mr. Grossman. “Lender reception to their projects has consistently been outstanding during our years working together. Notwithstanding, the response to this asset stands above all the rest.”
“Of all the legacy assets the JH Snyder Company has built, One Museum Square is the most pristine. We are so proud of our entire team and grateful for their many years of planning, hard work and effort to see this through,” stated Lon Snyder, Partner of JH Snyder. “When Meridian proposed executing our refinance with a 10-year interest-only loan without any pre-leasing, no TCO, and construction draws remaining, it was unheard of. Doing so in under six weeks from the time we signed an application through closing is simply amazing.”
Located at 640 South Curson Avenue in the heart of the Miracle Mile District, One Museum Square is a state-of-the-art, 21-story, 285-unit luxury apartment building situated over a subterranean 410-space parking garage. Apartments include floor-to-ceiling windows and / or private balconies, custom quartz countertops and full backsplashes, Fisher & Paykel kitchen appliances, in-unit Bosch washers and dryers, wood plank flooring, ample storage and closet space, and feature exceptional views of the city, the hills, or the ocean. Community amenities include an upscale ground floor residential lobby with a 24-hour luxury fitness center, luxury conference area, rooftop pool with 360-degree views, sky lounge with fire pits, a clubhouse, and access to the adjacent SAG-AFTRA building, which features ground floor retail space including a Starbucks, The Counter Burger, and Mixt.
The Miracle Mile District is a pedestrian-friendly community that continues to attract major businesses and has undergone significant redevelopment over the past few decades. One Museum Square offers proximity to an array of neighborhood amenities in Miracle Mile, including La Brea Tar Pits Park and Museum, Los Angeles County Museum of Art (LACMA), the Academy Museum of Motion Pictures, several grocery stores including Whole Foods, Trader Joe’s, and the Original Farmers Market at The Grove, an Equinox gym, a spacious dog-friendly park, and a planned new metro station to service the area.