SAN DIEGO-GlobeSt.com has exclusively learned that New York City-based Meridian Capital Group LLC has negotiated 11 loans totaling $59 million for 28 properties located in California, Illinois, Arizona and Indiana. Meridian managing director Seth K. Grossman, who heads the company's Carlsbad office, negotiated the transactions along with other team members from that office.
Grossman, with associates Sarah Kuebler and Andy Strauss, arranged four loans totaling $15 million for properties located in Phoenix, AZ. The financing was composed of two five-year loans and two seven-year loans, all of which were non-recourse with fixed-rates.
The loans were rate locked at application with interest rates between 3.625% and 3.95% and feature 30-year amortization schedules and flexible step-down prepayment penalties.
“Meridian obtained these unique terms by leveraging its strong relationship with a regional balance sheet lender and focusing on the most important deal points on behalf of the borrower,” says Grossman.
Grossman and Kuebler also negotiated a $13.8-million 10-year CMBS cash-out refinancing with a fixed-rate of 4.64% for a non-contiguous 18-building, 370-unit multifamily portfolio located on the south side of Chicago.
“There were several unusual features with this deal that made it such a success. The loan for the portfolio was put into underwriting after having been stabilized for only 30 days and closed with less than 120 days of stabilized history. In addition, the average loan balance was $767,000 per asset which is extremely small for a CMBS lender,” Kuebler explains.
Other recent CMBS loans closed by the Carlsbad office include a $2.4-million cash-out refinance for a 130-pad manufactured housing property in Mooresville, IN; a $4-million refinance for a 750-unit self-storage property in Merced, CA; and a $4.25-million cash-out refinance for a 134-room exterior corridor Red-Roof in in San Dimas, CA.
The team also closed a $2.72-million 10-year, fixed-rate loan for a 49-unit multifamily property in Chicago and a $600,000, 10-year fixed rate loan for a nine-unit multifamily property in Los Angeles. Both loans were closed with a correspondent banking relationship of the firm offering long-term fixed rates with flexible prepayment options.
In addition to the stabilized transactions above, Grossman recently arranged a ground-up construction loan and letter of credit with a local portfolio lender to facilitate the development of a new religious day school for the Maimonides Academy of Los Angeles, located on Huntley Drive, between La Cienega Boulevard and San Vicente Boulevard, in Los Angeles. The ground-breaking for the school took place on Sunday, June 30, 2013.
Meridian could not disclose further borrower information.
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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.
