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SANTA ANA, CA— Meridian Capital Group has arranged $74.7 million in acquisition and recapitalization financing for the purchase of Adagio at South Coast , a 349-unit multifamily property on behalf of Decron Properties .

Adagio at South Coast is a garden style multifamily community built in 1974. Adagio at South Coast is a garden style multifamily community built in 1974.
The acquisition loan, provided by a balance sheet lender, features four years of interest-only payments during the initial term, followed by an extension option. This transaction was negotiated by Meridian managing director, Seth Grossman and vice president, Sarah Kuebler , who are both based in the company’s Carlsbad, CA office. Decron paid $96 million for the property near the end of July. Adagio at South Coast is a two-story, garden-style property, located at 3124 South Main Street in Santa Ana, CA and houses one-and two-bedroom apartments, as well as large townhomes. Tenants enjoy close proximity to a variety of shops and restaurants, as well as easy access to the 55/405 Freeways and John Wayne Airport . Amenities include three swimming pools, spas, a fitness center and barbeque picnic areas. “Adagio at South Coast is the perfect fit for Decron’s recent focus on repositioning older assets and creating an affordable luxury option for renters in high-cost urban and suburban submarkets adjacent to major employment centers,” said Daniel Nagel, vice president of Finance at Decron. “We call it ‘affordable luxury,’ with a lowercase ‘a,’ because we offer the renter an apartment with luxury finishes in a location they need, amenities they want, at a price point they can afford.” “For generations Decron has achieved unparalleled success providing tenants high quality apartments and lifestyle amenities at an affordable price point,” added Grossman. “Highlighting Decron’s time-tested business plan, as well as their clear vision for the property, enabled this first loan closing between the lender and sponsor to occur successfully in less than five weeks.” Decron Properties serves as one of the premier diversified real estate development firms in the greater Los Angeles area. Decron specializes in acquiring, developing and managing multi-family apartment buildings as well as various types of commercial shopping centers, marinas, and office building. With the completion of this acquisition, Decron owns and manages 6,700 multifamily units across California, as well as 1.5 million square feet of commercial office and retail, in 55 communities. Founded in 1991, Meridian Capital Group is America’s most active debt broker and one of the nation’s leading commercial real estate finance advisory firms. In 2015, Meridian closed over 3,900 loans totaling more than $35 billion in transaction volume with 210 unique lenders, equating to $135 million per business day. Since inception, the company has closed more than $240 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds.

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