Meridian Capital finances $20.5M in multifamily properties
Meridian Capital Group, LLC, a commercial real estate finance and advisory firm, negotiated a $20.5M loan to fund the purchase of two multifamily properties located in Tempe, Ariz., on behalf of Gelt.
The ten-year loan features a competitive fixed-rate below 4.00% for the initial five years and was provided by a correspondent east coast balance sheet lender. This transaction was negotiated by Meridian Capital Group Managing Director, Seth K. Grossman, Vice President, Kovi Elkus, and Associate, Sarah Kuebler, who are all based in the Company’s Carlsbad, Calif., office.
The two multifamily properties, 201 West and Mill Pointe Apartments, total 451 units and are located at 201 W. Hermosa Dr. and 4130 S. Mill Ave., respectively.
“Gelt is an excellent owner and property manager. We arranged the financing for a number of their properties in the Phoenix area and they always perform well and improve the assets,” said Grossman. “Meridian was able to leverage the strength of the sponsorship, as well as the long-standing relationship with the lender to obtain financing terms in line with the client’s business plan.”