New York-based Meridian Capital Group arranged $14.5 million in permanent financing for the refinance of a multifamily property located in Phoenix.
The ten-year loan, provided by a national CMBS lender, features a fixed rate of 5.20 percent and two years of interest-only payments. This transaction was negotiated by Meridian Vice President Aaron Stempel, who is based in the Company’s Skokie, IL office.
The property, Desert Star Apartments, is located at 1106 W. Bell Rd. in Phoenix, AZ. The two-story, 437-unit property was significantly rehabbed in the last year with a bridge loan also arranged by Meridian.
“Upon completion and stabilization, the bridge was taken out with a long-term CMBS loan,” explained Mr. Stempel. “Meridian orchestrated both the bridge and term financing over a 12-month period,” he added.
Founded in 1991, Meridian Capital Group is America’s most active debt broker and one of the nation’s leading commercial real estate finance advisory firms.
