May 1, 2018
Meridian Capital Group, America’s most active dealmaker, arranged $5 million in acquisition financing for a multifamily property in Imperial Beach, located just south of downtown San Diego, CA, on behalf of Clear Sky Capital, Inc.
The three-year loan features a fixed rate and one year of interest-only payments. This transaction was negotiated by Meridian Senior Managing Director, Seth Grossman, and Vice President, Sarah Kuebler, who are both based in the company’s Carlsbad, CA office.
“At acquisition, the property was entirely occupied but rents were significantly below market and there were no long-term leases in place,” said Mr. Grossman. “Meridian demonstrated to lenders the immediate ability to achieve higher rents, as well as the sponsor’s business plan to perform interior and exterior renovations to achieve market rents.”
Located at 870 13th Street, the 33-unit multifamily property is located just one-and-a-half miles from the beach. Amenities include walk-in closets, security screen doors, standard appliance packages, private balconies, a large courtyard and picnic area, carports and open parking spaces, and an on-site laundry facility.
Imperial Beach is located 13 miles south of downtown San Diego and nine miles from Coronado Beach. The city connects to Coronado by way of Silver Strand, a narrow, seven-mile-long isthmus. Imperial Beach encompasses nearly four miles of impeccable beaches, and activities such as volleyball and surfing are popular in the area, particularly north of the Imperial Beach Pier and at the Boca Rio beach break, one of San Diego’s best surf spots. The property is easily accessible via Interstate 5 and the San Diego International Airport.
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 debt 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. www.meridiancapital.com