TODAY’S DEALS: Meridian Capital Group Arranges Over $17M in Financing for Several Chicago Properties, and Other Transactions

By Anuradha Kher, Online News EditorChicago–Meridian Capital Group recently arranged financing in the amount of $14,128,000 for multiple multifamily properties located throughout the Chicago area.The first group of properties are located at 1530, 2319 & 2516 N. Kedzie Ave. and 2330 N. Spaulding Ave. (pictured). This four-building portfolio is part of a five-building, 283-unit portfolio totaling approximately $15 million on the north side of Chicago. Meridian negotiated on behalf of the borrower to secure a rate of 5.88 percent, non-recourse for a 10-year term.The second property portfolio is located at 6600 N. Glenwood Ave. It features a total of 18 residential units. Meridian negotiated on behalf of the borrower to secure a five-year term mortgage with a rate of 5.57 percent. The third set of properties is located at 7800 Kedvale Ave. and 8026 Knox Ave. They feature 18 residential units and are located in Skokie, Ill. They are well maintained and in close proximity of each other. Meridian secured a fixed rate of 5.60 percent for a 10-year term.In addition, Meridian arranged a $2,920,000 financing for a multifamily property located at 1416 Central St. The property features 39 residential units and two commercial spaces. Meridian negotiated on behalf of the borrower to secure a 10-year term mortgage with a rate of 5.87 percent. Gebroe-Hammer Associates Completes $3M Disposition of 29-Unit Walk-UpMontclair, N.J.–Gebroe-Hammer Associates has completed the $3 million disposition of 28 Gates Ave. in Montclair, N.J., a 29-unit four-story walk-up that last traded 65 years ago. Located just one block from Bloomfield Avenue near the Grove Street intersection, the property features 21 one-bedroom and eight two-bedroom units. Planned upgrades include renovations to render each unit competitive in today’s rental market. According to Gebroe-Hammer, the area’s average rental rates are $1,050 for a one-bedroom and up to $1,450 for two-bedroom units.“Multifamily investments have remained extremely resilient in this economic climate and throughout each and every recessionary period I’ve experienced during the past 34 years I’ve been in the business,” says Managing Director Ken Uranowitz who represented the seller. “Long-time family owners, who have also weathered several recessionary times over the past few decades, understand that people need a place to live, even in downward cycles, and that multifamily buildings sustain high values as a result.”