MERIDIAN CAPITAL GROUP ARRANGES HIGH LEVERAGE FINANCING FOR CLASS A MULTIFAMILY PROPERTY IN BILOXI, MS
Biloxi, MS - Meridian Capital Group recently arranged a loan in the amount of $18,900,000 for the acquisition of Oak Grove Apartments in Biloxi, MS. The loan amount represented 86% of the purchase price. The property consists of 23 buildings totaling 244 units. Seth Grossman and Brad Gladsden of Meridian’s Florida office negotiated to secure a fixed rate loan with a 7-year term, 3 years of interest only, non-recourse, which closed under 30 days from signed application. This is the 3rd transaction Meridian has completed for the client within the past 24 months and the second acquisition Meridian has been involved with the same borrower in the Biloxi multifamily market.
Founded in 1991, Meridian Capital Group LLC is one of the nation’s largest mortgage firm’s serving the multifamily and commercial real estate sectors. The company is based in New York City with additional offices in New Jersey, Pennsylvania, Maryland, Illinois, Florida, California, and Texas. Working with a wide variety of lenders, Meridian finances transactions ranging from $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, self-storage, industrial, and construction properties. Nationally, Meridian reported more than 2,350 transactions in 2007, totaling over $16.5 billion. |
