FRIDAY, JUNE 19, 2009

Meridian Capital arranges financing for multifamily properties

by Illinois Real Estate Journal Reports
Meridian Capital Group has arranged financing in the amount of $5,875,000 for 3 multifamily properties located in Chicago.

The first property is located at 2418 N. Sawyer Avenue. It contains a total of 32 residential units and is a building that is part of a five-building, $15 million multifamily portfolio. Gershon Friedman of Meridian's Illinois office negotiated on behalf of the borrower to secure a 10-year term mortgage with a rate of 5.66 percent.

The second property is located at 6201 N. Kenmore Avenue. It contains a total of 59 residential units. The property is located on the beautiful north side of Chicago just a few blocks from Lake Michigan. Gershon Friedman again negotiated on behalf of the borrower to secure a low leverage, 10-year term mortgage with a rate of 5.47 percent.

The final property is located at 3454-56 N. Bosworth Avenue and consists of 19 residential units. This north side property has been extremely well maintained by the borrower. Friedman was able to rate lock for this existing client a low fixed rate of 5.53 percent for a 10-year term. All of the above loans were non-recourse.

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