Los Angeles, CA - 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 Avenue in Los Angeles and 1132 Elm Avenue in Glendale. Ben Grossman, Director of Meridian's Los Angeles office successfully negotiated low fixed rates with aggressive terms on both properties for the borrower. "We worked very closely with our client and the lender involved which enabled us to surpass the borrower's expectations with respect to the overall terms, structure and timing involved in these deals", says Grossman.

Canfield was a purchase that went into escrow several months ago and kept getting extended as the seller tried to identify his exchange property. Grossman's client 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 was a purchase where the borrower had the property under escrow and was in the process of obtaining financing through another lender. The client approached Grossman after his original lender backed out allowing Meridian to come in at a the last minute to arrange a 60% LTV deal fixed for 10-years with a closing in less than 45 days. Despite the current market volatilities Meridian is still able to identify lenders for good properties that can execute quickly and competitively.
Founded in 1991, Meridian Capital Group LLC is one of the nation's largest mortgage brokerages 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 and California. 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 2,250 transactions in 2008, totaling over $11.5 billion.