CARLSBAD, CA-GlobeSt.com has exclusively learned that the localoffice of Meridian Capital Group LLC recentlynegotiated and closed nine loans totaling $35.4 million inpermanent and bridge financing for 36 properties in threestates.

Meridian’s Carlsbad office, managed by SethGrossman, a managing director at the firm, arranged two10-year, fixed-rate CMBS loans totaling $23 million, both withinterest rates below 5%, to finance a newly stabilized 28-building,620-unit multifamily portfolio located on the south side ofChicago. The cash-out closings occurred within days of eachother.

Grossman also negotiated a $2.2 million, seven-year portfolioloan with a fixed interest rate of 4.35% for a landmarked, 80-unitmultifamily property located on East 79^th Street and a$1 million supplemental Fannie Mae loan for an 85-unit multifamilyproperty located on North Austin Boulevard, both in Chicago,IL.
“Having previously closed several similar portfolios with thesame lender, we were able to effectively manage the process andclose these loans in the short timeframe required by the client,”says Grossman. “Additionally, in response to a tightening of CMBSspreads over the period from application to closing, we leveragedMeridian’s strong relationship with the lender, and we were ablereduce the signed and accepted interest rate spread on the deal by20 basis points creating significant savings for our client.”