Meridian Capital Secures $23M for Illinois Community
The equity and bridge financing was obtained on behalf of Odessa Partners and used for the purchase of Stratford Trails, a community in Glendale Heights, Ill. The buyer intends to upgrade the asset.
By Roxana Baiceanu
Meridian Capital Group raised $4.5 million in equity financing and secured an $18 million bridge loan for Odessa Partners. The funds will be used for purchasing a significant part of Stratford Trails, a 31-building community in Glendale Heights, Ill.. The buyer plans to reposition the property after it will acquire the remaining five buildings. Altogether, the financing covered 99 percent of the project capital.
The three-year bridge loan was funded by a finance company and features a floating rate of 4.75 percent over the 30-day LIBOR rate, a one-year extension option and full-term interest-only payments. The equity capital came from a national private equity fund and a co-general partner. Meridian Vice President Steven Rubenstein negotiated the financing on behalf of the borrower.
The transaction comes three months after Merdian secured financing for the acquisition of another multifamily community in Chicago, Ivy Park Homes.
Nearby Retail Options
The 26 buildings that Odessa Partners purchased are part of a garden-style community built in 1978, according to PropertyShark data. Each building counts six units.
Located at 216 Gladstone Drive, Stratford Trails is within walking distance from Willow Wood Shopping Center, a Home Depot store and the Gladstone Park. The area is home to a large number of restaurants, retail businesses and grocery stores, with a Jewel Osco located on the other side of East Army Trail Road. The O’Hare International Airport is less than 20 miles from the community, while downtown Chicago is approximately 30 miles away.
Image courtesy of Merdian Capital Group