Meridian Capital Group closes $150 million in financing for manufactured housing portfolio in Michigan
Meridian Capital Group, LLC, negotiated $150 million in acquisition and permanent financing for a manufactured housing portfolio located in Michigan and Alabama on behalf of Matrix Realty Group.
The five-year financing package features one year of interest-only payments, followed by a 30-year amortization period. This transaction was negotiated by Meridian Capital Group managing director Tal Bar-Or and vice president Michael Ottomanelli, who are both based in the Company’s New York City headquarters.
The portfolio totals 11 manufactured housing communities with 5,347 pad sites including: Avon on the Lake located in Rochester Hills, Mich.; Cranberry Lake located in White Lake, Mich.; Old Orchard located in Davison, Mich.; Royal Estates located in Kalamazoo, Mich.; Fairchild Lake located in Chesterfield, Mich.; Westbridge Manor located in Macomb, Mich.; Oakland Glens located in Novi, Mich.; Westbrook located in Macomb, Mich.; Grand Blanc Crossing located in Grand Blanc, Mich.; Holly Hills located in Holly, Mich.; and Greenpark South located in Pelham, Ala.
Matrix Realty Group purchased the portfolio from a large, publicly traded REIT that was exiting the Michigan market.
© 2014 Real Estate Communications Group. Duplication or reproduction of this article not permitted without authorization from the Real Estate Publishing Group. For information on reprint or electronic pdf of this article contact Mark Menzies at 312-644-4610 or email@example.com