Meridian JV Arranges $64M for Senior Community

FOUNTAIN VALLEY, CA—Seth Grossman, managing director of Meridian Capital Group LLC, and Capital One Multifamily Finance‘s SVPs Greg Reed and Kristen Croxton have arranged a $64-million refinancing of Palm Island, an age-restricted apartment community at 11300 Warner Ave. here, on behalf of an Orange County-based sponsor. The 10-year loan, provided by a CMBS lender, features a competitive fixed rate of 4.47% and interest-only payments for the full term.

The 456-unit Palm Island property is leased to seniors 55 years of age and over and has amenities catering to an active lifestyle, including a 24-hour surveillance system, community center, library, card room, billiard room, fitness center, computer room and heated pool and spa as well as numerous planned social activities.