Los Angeles, CA - Meridian Capital Group arranged financing in the amount of $8,450,000 for three Southern California properties located on S. Westlake Avenue, N. Cherokee Avenue and Hobart Boulevard in Los Angeles. The properties consist of a total of 144 residential units. Ben Grossman, Director of Meridian's Los Angeles office successfully negotiated on behalf of the borrower.

Meridian Capital was handed the loan assignment several months ago by a large fund operator that currently owns and operates over 6,000 units. The fund's business plan was to buy these severely under managed properties and maximize their value. The properties were purchased over the last few years, have undergone extensive renovations and currently have strong operating fundamentals. In turn, Meridian was able to identify a national portfolio lender that liked the strength of the borrower, their strong business model and extensive experience. The lender provided 5-year fixed rate loans at 5.75% with flexible prepayment penalties and attractive 5-year fixed rate options at the end of their terms. "Even during this turbulent credit market, we were able to work closely with the lender and the borrower to successfully close all loans," says Grossman.

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.