Meridian Lands $20M Loan for Chicago Asset
- May 16, 2017
Meridian Capital Group secured a $19.9 million bridge loan from a national balance sheet lender for the acquisition of Ivy Park Homes, a rental property in South Side, Chicago. The company’s Senior Vice President David Hayum brokered the transaction.
Meridian opted for a three-year loan featuring full-term, interest-only payments and two one-year extension options. Hayum also facilitated a capital expenditure reserve for when the property goes through renovation and leasing. The community was 62 percent leased at the time of the deal.
Ivy Park Homes features 109 townhomes which sit on 80 acres of land. The homes feature upgraded kitchens, backyards, washer and dryer connections, ceiling fans and hardwood floors while common amenities count a basketball court, a jogging path, a softball field and a soon-to-come gym.
The community provides convenient access to Dan Ryan Expressway (Interstate 94), the Robichaux Park, the Chicago Transit Authority bus stops and the train station. The Chicago Ridge Mall and Cineplex movie theater are within a mile of the property. There are also several public and private elementary schools in the nearby area.
Meridian also holds a diverse portfolio in New York City. One of the company’s recent deals is a $150 million refinancing of an office property located just across the Empire State Building.
Image courtesy of MLC Properties & Management