Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LOS ANGELES-Capital Foresight LP has landed $20 million in financing for a 163-unit multifamily portfolio, and two other borrowers have secured financing totaling more than $13 million for 138 units in two apartment buildings in loans arranged by Meridian Capital Group. The loans included acquisition debt as well as refinancings.

According to Alex J. Katz, a managing director in Meridian’s Los Angeles office, the $20 million in financing for Capital Foresight LP included loans for a portfolio of 10 properties in Southern California. Katz negotiated the five-year, non-recourse fixed-rate loans at interest rates of 5.75% with a national portfolio lender.

Katz notes that the loans also feature what he calls “an attractive variable-rate extension option.” He says that closing such deals in today’s capital markets environment requires working extremely closely with borrowers throughout the process to ensure the successful closing of the loans “despite unprecedented marketvolatility.” The portfolio of properties secured by the loans has undergone extensive renovations in recent years and currently enjoys strong operating fundamentals, he adds.

One of the other two borrowers was Poinsettia Properties LLC, for which Ben Grossman of Meridian’s Los Angeles office arranged $7.9 million in financing for a 66-unit multifamily property at 1444-1452 N. Poinsettia Place in Los Angeles. The 10-year loan, which carries a rate of 5.81%, required Meridian to coordinate a same-day funding and closing in order to meet the payoff deadlines of the borrower’s existing three loans.

The third borrower was a private investor that secured a $5.25 million loan for the acquisition of the Val D’Amour Apartments, located at 854 S. Oxford St. in L.A. The $5.25 million, which accounted for 70% of the $7.5 million purchase price, was a fixed-rate, interest-only, seven-year loan at a 5.8% interest rate—terms that Meridian describes as “extremely aggressive.”

The property is a six-story, 72-unit building of 1920s vintage. Jonathan Wintner of Meridian’s Los Angeles office, who arranged the financing, says that the New York City-based mortgage brokerage “will continue to find aggressive money on stable products.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.