Los Angeles, CA - Meridian Capital Group arranged financing in the amount of $2,035,000 for a total of 16 multifamily units between two Southern California properties located at 5414 Fountain Avenue in Hollywood and 14 Ozone Avenue in Venice Beach. Ben Grossman, Director of Meridian's Los Angeles office successfully negotiated on behalf of the borrower, Monem Corporation, to secure aggressive rates of 5.5% fixed for five-year terms.

Fountain Avenue is comprised of 5 bungalow style buildings with a total of 10 units. The borrower assumed this loan commitment from the lender when the previous owner decided to sell the property instead of refinance it. Grossman negotiated with the lender not to change the loans terms and closed the deal in less then 30 days with the same initial rate at a 79% loan to cost.

Ozone Avenue is a 3-story property with a total of 6 units. The borrower had closed on this ocean front property in a rare off-market all cash transaction. Meridian was able to work closely with a lender that was able to cash the borrower out 70% subsequently closing the loan within 35 days.
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.