TODAY’S DEALS: Meridian Secures over 8M in Financing for Five MF Properties, and Other Transactions
- Oct 08, 2008
By Anuradha Kher, Online News Editor, MHN and Elena Gontar, Staff Writer, CPNChicago–Meridian Capital Group recently arranged over $8 million in financing for five multifamily properties in Chicago.It provided $5.2 million in financing for a 90-unit multifamily building located at 6954 N. Sheridan Rd (pictured).; $1,840,000 in financing for three multifamily buildings located at 6148 and 6155 S. Sacramento Ave. and 6154 S. Richmond St., and $1,150,000 in financing for a property located at 4630 N. Ashland Ave. On the 5.2 million loan, Meridian’s Illinois office negotiated on behalf of the borrower to secure a 10-year term mortgage with a rate of 5.80 percent.On the $1,840,000 loan, Meridian secured a five-year term mortgage with a rate of 5.75 percent and on the $1,150,000 loan, the company secured a five-year term mortgage with a rate of 5.75 percent.Lanesborough REIT Acquires Mixed-Use Property in Canada for $38MWinnipeg, CANADA–Lanesborough Real Estate Investment Trust has completed the previously announced $38 million acquisition of a mixed-use complex known as Colony Square, in Winnipeg, Manitoba.Lanesborough REIT had previously owned a 1.5 percent beneficial interest and with the acquisition owns 100 percent of Colony Square. Colony Square is fully occupied, sits on 1.89 acres and is located on the south side of Portage Avenue in downtown Winnipeg across from the University of Winnipeg. The complex includes two apartment towers of 16 and 17 stories, a seven-story office building and an underground parking garage. The complex features 428 units, 80,900 sq. ft. of leasable office space and an additional 2,255 sq. ft. of commercial space on the main floors of the apartment towers.Green Park Secures $7.2 M for 216-Unit Rental PropertyBethesda, Md.–Green Park Financial provided a $7,200,000 refinance loan for Cooper River Manor located in Collingswood, N.J. The loan was structured with a 10-year term and 30-year amortization. It was underwritten to a 62 percent loan-to-value (LTV) with a 1.36x debt-service coverage ratio and 6.00 percent cap rate. Cooper River Manor, built in 1949, is a 216-unit garden style apartment complex. The property was 94 percent leased at closing.