TODAY’S DEALS: Meridian Capital Arranges $53.2M in Financing for Purchase of 698-Unit Mixed-Use Building, and Other Transactions
- Aug 14, 2008
By Anuradha Kher, Online News EditorMt. Vernon, N.Y.–Meridian Capital Group has arranged $53,200,000 in financing for the purchase of Westchester Plaza (pictured) in Mt. Vernon, N.Y. The sprawling 850,000-sq.-ft. complex features four residential buildings with a total of 698 units. The complex also includes a 75,000-sq.-ft. shopping center. Meridian secured a fixed rate of 5.50 percent with the first three years of interest-only payments.HFF Secures Total of $40M in Financing for Two Multifamily PropertiesLos Angeles–HFF (Holliday Fenoglio Fowler L.P.) has recently secured a $10 million refinancing for The Gaylord Apartments, a 193-unit multifamily property in Los Angeles and a $30 million first mortgage financing for Campus Grove Apartments, a 309-unit multifamily community in suburban Seattle.HFF placed the 10-year, interest-only loan for Gaylord Apartments fixed at 5.85 percent with Freddie Mac (Federal Home Loan Mortgage Corporation). Loan proceeds were used to take out an existing loan with a higher pay-rate and return some equity to the borrower for reinvestment. The Gaylord Apartments is located at 3355 Wilshire Boulevard in the Mid-Wilshire area of Los Angeles.HFF placed the five-year loan for Campus Grove Apartments with Cigna Investments. The 5.91 percent fixed-rate financing will be serviced by HFF. Campus Grove Apartment is situated on a 23.8-acre site at 1300 Campus Way Southwest in the southern Seattle suburb of Federal Way. The 85 percent leased property features 67 buildings.38-Unit Rental Building Sold for $10MPalo Alto, Calif.–Marcus & Millichap Real Estate Investment Services has arranged the sale of Mayfield Manor, a 38-unit multifamily building in Palo Alto, Calif. The list price of $10 million represented $263,895 per unit and $305 per sq. ft. The final sale price was not disclosed at the seller’s request but went significantly above the list price.Located at 408 Grant Ave., the 32,880-sq.-ft. four-story apartment building is situated on a 32,890 lot, two blocks from California Avenue.