SALINAS, CA-GlobeSt.com has exclusively learned that Meridian Capital Group LLC has negotiated $12.3 million in acquisition financing on behalf of Salinas Capital Partners LP for the purchase of the Northridge Park II Apartments located in the city of Salinas in Monterey County, CA.
The 10-year Freddie Mac loan features a rate of 4.15% with two years of interest-only payments and was provided by Beech Street Capital through its correspondent relationship with Meridian. This transaction was negotiated by Meridian Capital Group managing director, Ben Grossman, who is based in the company's Los Angeles office.
“The loan was very unique as Meridian facilitated an extensive due diligence process on behalf of our client to get Freddie Mac comfortable with financing only Northridge Park II Apartments which shares many amenities and easements with Northridge Park I Apartments,” says Grossman. “Meridian leveraged the strength of the sponsor's operational experience and their plans to construct a separate leasing office that would accommodate solely Northridge Park II Apartments as part of a plan to keep operations of the property autonomous,” he added.
Another hurdle that needed to be overcome, according to Grossman, was that “ownership had to take title with a TIC structure that would eventually be rolled into one entity.”
The 128-unit garden-style apartment community encompasses 10.61 acres and is located less than five miles from US Route 101, CA Route 63 and CA Route 183. The property is adjacent to the Northridge Park I Apartments property and shares the community amenities including a clubhouse, fitness center, heated pools, spas and tennis courts.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
