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$63M Goes Towards Emerald Isle Refi

PLACENTIA, CA-The new debt allowed the Orange County-based owner to prepay the existing CMBS and mezzanine loans that did not come due until 2015 without having to contribute additional equity to the transaction, GlobeSt.com EXCLUSIVELY learns.

By Natalie Dolce | Updated on September 26, 2013

PLACENTIA, CA-GlobeSt.com has exclusively learned that New York City-based Meridian Capital Group LLC in partnership with Beech Street Capital, negotiated the $62.5-million refinancing of Emerald Isle, a class-A age-restricted multifamily property located in Placentia, CA, on behalf of a sponsor based in Orange County, CA.

The 10-year, fixed-rate financing package is composed of a $56.5-million CMBS first mortgage and a $6 million mezzanine loan, both featuring five years of interest-only payments and favorable structural terms. The new debt allowed the owner to prepay the existing CMBS and mezzanine loans that did not come due until 2015 without having to contribute additional equity to the transaction.

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