TODAY’S DEALS: Meridian Capital Group Arranges Purchase Financing of Over $3M for 24 Rental Units, and Other Transactions
- Mar 27, 2009
By Anuradha Kher, Online News EditorLos Angeles–Meridian Capital Group arranged purchase financing in the amount of $3,025,000 for a total of 24 multifamily units. The two Southern California properties are located at 3101 Canfield Ave. in Los Angeles and 1132 Elm Avenue in Glendale. Canfield Avenue was a purchase that went into escrow several months ago and kept getting extended as the seller tried to identify his exchange property. The buyer purchased this property with tremendous upside in the current rents and has plans to extensively renovate the units and re-lease them at market rents. Meridian managed to identify a lender that provided fixed-rate financing with a very flexible prepayment penalty that gives the borrower the ability to refinance or sell the property once he has completed his business plan which is expected to take 24 months.Elm Avenue was a purchase where the borrower had the property under escrow and was in the process of obtaining financing through another lender. The buyer approached Meridian after his original lender backed out allowing Meridian to come in at a the last minute to arrange a 60 percent LTV deal fixed for 10-years with a closing in less than 45 days. Hendricks & Partners Arranges Sale of 34-Unit Property for $3.53M Vista, Calif.–Hendricks & Partners recently arranged the sale of the 34-unit Sunglen Vista, located at 1550 South Santa Fe Ave. in Vista, Calif. for $3.53 million. Built in approximately 1980, Sunglen Vista features courtyard-style units housed in three, two-story buildings comprising 24 one-bedroom/one-bathroom units and 10 two-bedroom/one-bathroom units.