Meridian Capital Group closes $150 million in financing for manufactured housing portfolio in Michigan

October 29, 2013  |  Staff Writer  |  Print Article  |  Email this Article

 

The swimming pool at Grand Blanc Crossing in Grand Blanc, Mich.

The swimming pool at Grand Blanc Crossing in Grand Blanc, Mich.

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.

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