TODAY’S DEALS: Meridian Capital Arranges $27M in Permanent Financing for 11-Property Portfolio, and Other Transactions
- Apr 21, 2009
By Anuradha Kher, Online News EditorLos Angeles–Meridian Capital Group recently arranged permanent financing for a substantial undisclosed regional sponsor in excess of $27 million for an 11-property multifamily portfolio (pictured top) located throughout Southern California encompassing 395 units. Meridian’s Los Angeles office negotiated the non-recourse, 5.60 percent fixed interest rate for 10 years. The most challenging facet of these deals in today’s credit environment was the in-place ownership structures, since the deals involved an extensive number of tenants in common (TICS). HFF Arranges $8.45M Loan for 192-Unit Luxury CommunityIndianapolis–The Iocal office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged $8.45 million in financing for Oak Lake at Crooked Creek (pictured second from top), a 192-unit luxury multifamily community located in Pike Township, Indianapolis.HFF senior managing director Dave Keller worked on behalf of J.C. Hart Co. and its affiliate, Payne Road Associates, to secure the seven-year, capped adjustable-rate loan through Freddie Mac (Federal Home Loan Mortgage Corporation). Loan proceeds were used to pay off an existing first mortgage. The loan will be serviced through HFF.