Meridian Capital Group, America’s most active dealmaker, arranged $5.2 million in acquisition financing for the Sea View Terrace Apartments in San Clemente, CA on behalf of Clear Sky Capital.
The 36-month loan, provided by a debt fund, features full-term interest-only payments and was negotiated by Meridian Senior Managing Director, Seth Grossman, and Vice President, Sarah Kuebler, who are both based in the company’s Southern California offices.
Located at 3206 Avenida Del Presidente, the 22-unit multifamily property consists of primarily two- and three-bedroom units with ocean views, patios and balconies, dishwashers, garages and carports, and laundry. Sea View Terrace Apartments is advantageously located near an array of area attractions, including the San Clemente State Beach, Calafia Park, Avenida Del Mar shopping center, and San Clemente Pier. This is the first time the property has been on the market since it was originally constructed in 1987
San Clemente, known as the Spanish Village by the Sea, is a 15 square mile city located on the Southern Orange County coastline and serves as the halfway point between Los Angeles and San Diego. Recently, the city has undergone a major revitalization including upgrades to the pier, miles of new coastline pedestrian trails, and the addition of Sea Summit luxury coastal living and the Outlets at San Clemente, which provide new shopping and dining options to residents. The Chamber of Commerce expects San Clemente’s population to double over the next 20 years as various development projects are completed.
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.