TODAY’S DEALS: Meridian Capital Group Arranges $6.3M Permanent Financing for 66-Unit Property, and Other Transactions
- Apr 02, 2009
By Anuradha Kher, Online News Reseda, Calif.–Meridian Capital Group has arranged permanent financing for Los Angeles-based Capital Foresight LP in the amount of $6.3 million for Terra Vista Apartments (pictured), a 66-unit multifamily building located on Saticoy Street in Reseda, Calif. Meridian successfully negotiated the non-recourse, 5.64 percent fixed interest rate for 10-years. Love Funding Secures Over $4M Refi Loan for 172-Unit Rental CommunityLake Charles, La.–Mortgage-banking firm Love Funding recently secured a $4,531,900 refinance loan for Whispering Pines Apartments, a 172-unit rental community located in Lake Charles, La. Terms included a 6.25 percent interest rate and a 40-year amortization. Love Funding secured the financing for the borrower, Raintree Investment Corporation Thirteen, through HUD’s 223(a)(7) loan program. By utilizing HUD, Love Funding was able to help the borrower pay off existing debt and make $90,000 in needed repairs to the property. Whispering Pines Apartments features one, two and three-bedroom units and includes 127,680 sq. ft. of rentable space.