SAN DIEGO-GlobeSt.com exclusively learned that Meridian Capital Group LLC recently negotiated eight loans totaling $34 million for 11 properties located in Arizona, California and Louisiana. The financing was composed of five- and seven-year loans, all of which were non-recourse with fixed interest rates.
Managing director, Seth K. Grossman, along with associates Sarah Kuebler, Andy Strauss and Ryan Gandell, arranged six loans totaling $24 million for multifamily properties located in Phoenix, AZ. The loans were rate locked at application with interest rates of between 3.5% and 4.125% and feature flexible step-down prepayment penalties.
Although the assets are all in the Phoenix area, the sponsors are located outside of the Phoenix market and include an institutional investor based in Canada, a family office from San Diego, syndication teams out of Los Angeles and New York City and a doctor located in Hawaii.
Grossman also arranged two separate loans that went from signed application to funding in less than three weeks. A New York-based client purchased from Auction.com a 10% occupied class-A retail condominium located in downtown San Diego's Marina District, directly outside of the Gaslamp Quarter. As terms of the acquisition contract dictated, the loan had to fund very quickly. Grossman and Strauss negotiated a $2.5 million, 18-month bridge loan to facilitate the purchase.
“Between the strong location of the asset and significant turn-around experience of the sponsor, the lender was comfortable offering a competitive interest rate at 80% loan-to-cost, in addition to funding all future interest payments and tenant improvement capital necessary to re-lease the space,” says Grossman.
Grossman also negotiated a $7.2 million mortgage on behalf of San Diego-based Pontus Capital to facilitate their acquisition of a portfolio of single tenant medical properties located in Louisiana as part of a sale leaseback with one of the largest behavioral health providers in the Southeast. The properties range in size from 10,000 to 24,000 square feet.
According to Grossman, the transaction moved very quickly and the lender funded the loan less than two weeks after the application was signed.
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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.
